Word: bankes
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...programs may be the wrong programs, but that is not something that is going to be known ahead of time. There are a number of gambles in the proposed federal budget and many of them will not pay off. Many of the plans that the Treasury has to improve bank balance sheets and lending will simply be a waste of money. There is no entirely convincing argument that helping worthy people who cannot pay their mortgages with their home loans will stabilize the housing market. The Fed's plan to buy as much as $300 billion in Treasuries may bring...
...According to the FT, Leon Black, head of Apollo Management and a crafty investor in distressed debt told the paper that "the extra costs of cleaning up the U.S. banking industry could total as much as $2,000bn", putting further strain on the economy. He said the woes of the commercial property had not yet been reflected fully on bank balance sheets...
...banks have to handle massive portfolios of business, real estate, and consumer loans - especially credit cards. That fact seems to have been lost on investors buying bank stocks during the last week. Most money center banks have substantial exposure to debt in Eastern Europe. A lot of that debt may go into default if the economies of the small countries in that region fall apart. They do not have institutions like the Federal Reserve to flood their countries with liquidity. (Find out 10 things to do with your money...
...buying longer term Treasuries. If that causes interest rates to fall, it will help people who borrow money in the future, but may not do very much for Citi's clients who borrowed money over the last two years. Many of those clients are tapped out, and the big bank faces hundreds of millions, possibly billions, of dollars in write-down of consumer loans. That does not take into account the amounts that will be lost as commercial mortgages and LBOs fail...
...toxic paper" woods, as much as Mr. Vikram Pandit, the company's CEO would have people think. According to Bloomberg, the IMF predicts that losses from U.S. loans and securitized assets will reach $2.2 billion. Only about half of that amount has been written off on bank balance sheets, and over the 60 days since the agency put out the figure, it has not been revised. (See pictures of the Top 10 scared traders...