Word: bankses
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Those packaging these investments say they regarded them as aboveboard, though their defense is less than robust. Key players included leading banks in tandem with some of the biggest names in real estate and private equity, none of whom would have missed that high tenant turnover was the main motor...
The worry is that problems at the banks will restrict credit and make it harder for businesses to grow and individuals to spend. That could put the brakes on the economic rebound. What's more, the continued loan losses at the banks show that individuals and companies are still having...
"The Federal Reserve has pressed the cost of the capital for the banks down to zero, and they still can't earn a large profit," says top Wall Street strategist Robert Arnott of Research Affiliates. "That's a problem."
Of course, some say it is normal that banks would be hurting at this part of the recovery cycle. People and companies continue to fall behind on their debt obligations long after the economy turns. While the banks' lending operations still look weak, the volume of bad loans at many...
"Banks write-offs usually come after the economy has already cracked," says James Paulson, chief investment officer of Wells Capital Management. "The charge-off rate looks to have peaked." (See the worst business deals of 2009.)