I must be missing something?
Why oh why are we still fixated and obsessed with the rotten banking and financial sector?
Regulators report 27 percent jump in problem banks
http://www.reuters.com/article/idUSTRE61M3OS20100223
As well as these headlines directly from Dow Jones.
( DJ ) 02/23 10:00 *DJ FDIC: US Banks Saw 4Q Slide In Loan
( DJ ) 02/23 10:00 *DJ FDIC: US Banks' Loan Losses Climbed In 4Q
( DJ ) 02/23 10:00 *DJ FDIC: US Banks' Charge-Off Rate Hits 26-Year High In 4Q
( DJ ) 02/23 10:00 *DJ FDIC: Deposit Insurance Fund Hits -$20.9B In 4Q
( DJ ) 02/23 10:00 *DJ FDIC: `Problem' Bank List Continues Rise In 4Q, Hits 702
This coupled with S&P giving us more horrendous delinquency news in the CMBS space only fortifies my thesis that the lunatics are running the Nut Ward. It is beyond any rational reason to keep owning institutions that are only in the business of borrowing from the fed and lending to treasury. On top of the fact that they should be returning any profits from these activities to shareholders instead of handing out bonus money. An untrained monkey can do what these bankers are doing at the moment. Maybe the only ones buying are truly primates?
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