Word: bankses
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The obvious answer is yes. Banks are failing - 13 have gone under so far this year - and they're going to continue failing. One hedge-fund star said the markets are now pricing the chance of a default in the next five years by Morgan Stanley or Citigroup at 45...
The FDIC has a clear message for Americans who are beginning to awaken to the size of the problem: Don't panic. Banks will fail, but it is highly unlikely that depositors will lose their money. The FDIC now guarantees up to $250,000 in individual deposits at the banks...
But experts in and out of government expect bank failures to accelerate. Banks that are too big to go under, like Citibank and Bank of America, could fail but will stay alive in one form or another - through a bailout or government-backed sale, for example. But plenty of medium...
And bank failures are likely to keep worrying the markets too. Some traders were hoping for two potentially positive events this weekend, after the worst week in the history of the New York Stock Exchange came to a close on Friday. The first was that the meeting of the G...
The G-7 did produce an action plan, but it was light on specifics; all member countries will inject capital into banks as needed (Britain has already committed to doing so), but they didn't announce amounts or timing. It was hardly the explicit, "show us the money" announcement many...