Friday, February 20, 2009
How the Mighty Banks Have Fallen
The destruction in the banking sector has been broad and deep and has taken the shares of the banking companies to lows not seen in 15, 20, or in some cases, 25 years. Bank of America Inc. shares today hit an intraday low of $3.19 a share — a level not seen since August 2, 1984, when the bank traded at $3.17 a share.
Now, the fear represents an expectation that the largest — and sickest — banks, one way or another, will be taken over by the government through some sort of temporary nationalization in order to avoid a Japan-style decade of malaise. This idea continues to gain currency, and it continues to hammer the valuation of the banks.
WSJ via Yahoo Finance: How the Mighty Banks Have Fallen
Now, the fear represents an expectation that the largest — and sickest — banks, one way or another, will be taken over by the government through some sort of temporary nationalization in order to avoid a Japan-style decade of malaise. This idea continues to gain currency, and it continues to hammer the valuation of the banks.
WSJ via Yahoo Finance: How the Mighty Banks Have Fallen
Permalink posted by markw @ 11:44 AM 
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