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

The bloodletting isn't done yet.

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 dividend last October.

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

 

 

 

 

Sam Cass
Sam Cass: Sam Cass, MBA, JD, University of Texas at Austin. Always a fan of Leonardo Da Vinci.

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