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Post by crashuk on Nov 2, 2007 18:46:42 GMT -6
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Post by beachbumbob on Nov 3, 2007 8:34:46 GMT -6
CEO resigns looks like fun time is here. Citigroup perhaps largest financial concern in US with a couple Trillion in assets/liabilites
and no cash as the losses mount
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Post by jeffolie on Nov 3, 2007 11:28:53 GMT -6
After Nov 15th, the auditors will report their findings on banks regarding level 3 assets. Level 3 assets are those that the regulators have allowed the banks to label as mark to model or as is commonly referred to as mark to fantasy. These level 3 assets basicly are all the mortgage related complex financial instruments. The auditors have upto Febuary to complete their reporting on the banks. But, the 15th will start the dominoes falling.
There are too many banks that can crash and burn to guess which will go first. But, do not forget that the Fed is there to organize a rescue of the banks. Whichever get into trouble, the banks will not necessarily go into bankruptcy without serious bailout attempts by the Fed and Congress.
If the biggest banks get in trouble, the phrase 'too big to fail' comes into play.
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