In Vote of "No Confidence" Bank Stocks Hammered Mercilessly - Why Shouldn't They Be? Citigroup, Bank of America, Wells Fargo Bankrupt
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Bank stocks were murdered today, but why shouldn't they be? They are capital impaired, still hiding questionable assets off their balance sheets. All of them hide behind postponement of mark-to-market rules that would show one thing if enforced: they are bankrupt.
Citigroup Down 17% on the Day, 42% on the Year
click on any chart for sharper image
JP Morgan Down 7% on the Day, 17% on the Year
Wells Fargo Down 7% on the Day, 23% on the Year
Bank of America Down 17% on the Day, 50% on the Year
Those are intraday snapshots, actual results on the close will vary.
It's high time the market take Fed comeuppance, analyst bullshill, and bank CEO arrogance to task, and today the market did.
For the last two years banks should have been raising capital. Instead they wanted to start or increase dividends.
Now they are going to have to raise capital while trading at 52 week lows, some down 50% or so on the year. Good luck with that.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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In Vote of "No Confidence" Bank Stocks Hammered Mercilessly - Why Shouldn't They Be? Citigroup, Bank of America, Wells Fargo Bankrupt
Posted by Michael Shedlock at 1:56 PM
