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U.S. Banks Cut Their Own Risks Then Cry...



September 16, 2008 – Comments (2)

They ruin their businesses with terrible loans and head in the sand "risk management," and when it finally comes to whale on their shares, what's their cry?

Well, right after "Give us taxpayer-funded loans," it's "Stop those nasty short sellers!"



2 Comments – Post Your Own

#1) On September 16, 2008 at 7:27 PM, TMFBent (99.46) wrote:

That should have read "Cut their own Wrists."

Too much cheap Spanish wine tonight, maybe.

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#2) On September 16, 2008 at 7:53 PM, rd80 (96.69) wrote:

The nasty short sellers haven't been having much fun in WFC lately.  Hope they're enjoying the margin calls.

Financials had been pretty much been tracking as a group until recently.  It now looks like the better managed banks are breaking out from the weaker hands.  If I mashed the right buttons, this is a link to a 6-mo chart of WFC, JPM, WB and WM.  Note how they split in early June. 

Also very concerned about the taxpayer being put on the hook for so much.  Looks like AIG is in the process of getting a multi-billion bridge loan.  Yesterday it was $40B, CNBC is reporting something like $75-90B.  Heck of a change for one day.

Next thing you know, the nasty short sellers will be knocking on the fed window looking for a bailout. 

Disclosure:  Very happy WFC shareholder :)





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