Typical Q1 PRESSER on Financial Sector
Indiginous Press: Affiliate Newspaper of George Soros.
Headline: Finacial Sector in Deep Peril as Earnings Show Widespread Caution!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
" Goldman Sachs released earnings early today to the shocked the floor at Wall Street. It was crystal clear the earnings/revenue boost was only due to an extreme short-term bear market rally in March that rescued Goldman's investment portfolio (bringing in $7.1 Billion). Goldman Sachs is just the 2nd victim after Wells Fargo disappointed everyone by missing the analyst expectations of a loss.
Billionairre Investors are coming out of the woodwork pointing at the profitable results as evidence that the Banking Sector is in mass crisis. Sure, Wells Fargo claimed a record profit, but that money is just going to be used to pay the massive writedowns the company probably forgot to mention. I mean who believes these banks anyhow? No one really knows what's on the balance sheets. Billionairre Investors point to Mark to Market rules going away in Q1 as some woopdie do way to make the Banks look like their healthy again, when they are not.
The widespread DREAD is quite apparent over the upcoming JP Morgan and Citigroup earnings releases due next. Will the pain of seeing these banks getting rid of their TARP money never stop? The boasts and claims of being Profitable are clearly offset by the fact that the profits will be used to get rid of the TARP.
So.... uhm... QUIT BUYING THE BANKS!! Geeze.... BAC at $11.00????
Aren't us Media Types spreading Negativity loudly enough? Is anyone reading us anymore?????