Word: bankes
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Dates: during 2000-2009
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...finance ministers, along with central-bank governors, are meeting this weekend near London to prepare for next month's summit and smooth out their differences. The summit will mark Obama's first visit to Europe since becoming President, and he will take with him a huge aura of expectation. But if leaders cannot agree on a common approach to fighting the crisis, their meeting could be nothing more than a glorified photo opportunity...
...first trigger for the elation was a comment by one of the least respected executives in the recent history of Wall St. Vikram Pandit, who many think ran Citigroup (C) into the ground. He said recently that the bank had been profitable for the first two months of the year. If this week marks the bottom of the stock market and the beginning of the end of the recession, his words will join "Remember The Alamo" and "The British Are Coming" in the history books. (See the 25 people to blame for the financial crisis...
...Just two days after Pandit's comment, the head of another beleaguered firm, Bank of America (BAC), said the company would not need another dime from the government and that it would make money in 2009. Ken Lewis has been maligned for his role in buying brokerage firm Merrill Lynch and then not noticing that it had lost $15 billion late last year. And, oh yes, then may have illicitly paid some of that money in bonuses to Merrill management...
...again is still severely compromised. It is another clear sign that the balance sheets of large financial firms which have exposure to mortgages or any type of consumer credit are likely to be faced with more losses, even if they are unexpected. That seems possible since all of the bank losses of the last two years were unanticipated, at least according to the managements at the companies. (See pictures of unemployment in Cleveland...
...musing of bank presidents are a bad set of leading economic indicators. So is news that a car company which is already insolvent will not need money today. It will need that money tomorrow, and tomorrow and tomorrow. There is no point in denying that much of what happened and much of what was said as the stock market reclaimed milestone after milestone was better than most of the news over the last three or four months. But, the reaction of the stock market was that the glass had become half full in a matter of a few hours...