Back to reality?
2 days of a bounce … that seems to be everything, one can ask for …
After the close market was reminded that …
- Financials are still not over it … Merill numbers were BAD … today we await Citibank …
- Even Techs can miss again … Dollar weakness alone does not let earnings […]

UBS said today morning, that they need no fresh capital … and this was seen positive
Sometimes I can’t believe it … Remember … the UBS capital increase was only weeks old
Then Goldman put out a study on European Banks … telling (at least part of) the truth.
They need more MONEY … up […]

Citibank CFO Gary Crittenden is quoted:
“If current trends prevail, it is fair to conclude we will continue to have substantial additional marks on our subprime exposure this quarter.”
“It’s reasonable to expect that credit costs will continue to rise through 2008, and that provisions for losses in its consumer business will also grow.”
“Expects revenue growth […]

Just some figures, hopefully NOBODY can explain and/or justify …
They should give the money to charities … it is a scandal as they proved to be worthless to their shareholders:
John Mack (Morgan Stanley) … 2007 earnings … 41.7 mln $
John Thain (Merill Lynch) … 83.9 mln $
Vikram Pandit (Citibank) … 105.16 mln $ … (I […]

Usually this means TROUBLE …
I am really excited about the explanations, NOT to SELL financials …
Standard & Poor’s Rating Services
today lowered its financial strength ratings on Ambac Assurance Corp. and MBIA Insurance Corp. to ‘AA’ from ‘AAA’ and placed the ratings on CreditWatch with negative implications.
The ratings on the holding companies, Ambac Financial Group […]

As today morning Sky News reported … UK is at the brink of recession …
and construction activity in the UK fell at FASTEST rate on record …
Fitch sees more negative rating actions for UK banks … 2008 to be challenging year.
They see:
- a number of pressure points continue to build for major UK banks
- […]

Fitch and Moody’s had negative comments last week … now S&P puts Oil into the fire …
Be aware … tomorrow they will hold a conference call about the following press release …
I don’t think, we will see anything positive …
NEW YORK (Standard & Poor’s) June 2, 2008–At the conclusion of its review of […]

A total of EUR791 million was borrowed in overnight funds at the 5.00% penalty rate as of Sunday, the European Central Bank said. AUTSCH …
UK lenders sold off heavily as Bradford and Bingley (down more than 23%) came out with a profit warning …
Northern Rock replayed???
HBOS were down more than 11% as investors ducked […]