Oppenheimer Co. analyst Meredith Whitney Says Further Write Downs Coming at Citigroup, Merrill, UBS

Article Submitted by: Sam Cass
Corporate News


The bloodletting isn't done yet.

 

Submitted: Jun 9, 2008    Views: 227    Comments: 0    Likes: 1   


It doesn't look like things are getting any better for the banks.

"Citigroup Inc., Merrill Lynch & Co. and UBS AG may post further writedowns of $10 billion on their debt holdings after the two biggest bond insurers were stripped of their AAA rankings, according to Oppenheimer & Co. analyst Meredith Whitney."

Whitney correctly predicted that Citicorp would cut its divident last October.

What does this mean? Pain from the credit crunch is still impacting financial institutions.

 

 

 

 




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