Word: scareder
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Things did not work out that way. Citi announced that it had lost $8.3 billion last quarter. There was no confidence in management. The general belief that the banking system is so badly broken fueled the fear in the government and the public that matters were going to get even...
Even that's not enough to excite investors. On the first trading day of 2009, buyers lifted the Nikkei to above the 9000 level for the first time in two months. The boost, however, was short-lived, and the Nikkei continued to drop, after losing 42% in 2008. Now...
Most troubling to the financial markets is the ongoing question surrounding the nation's biggest banks, including reports that Bank of America's acquisition of Merrill Lynch is shaky and that BofA will need billions more in federal assistance. Meanwhile, Citigroup is trying to stay one step ahead of the...
The other myth that you see in this is the myth of panic. People assume, in an airplane crash, that there's pandemonium and people panic. But in fact, according to research done after earthquakes and natural disasters and airplane crashes, panic behavior rarely happens. In fact, as passengers are...
The figures for the last quarter of 2008, being reported now, show that 2009 could be astonishingly bad for big banks. The dozen largest banks in the world could easily lose a combined $100 billion. The problems causing that will certainly cascade into this year. (See pictures of the Top...