Just in case your wondering Bank of America is the bank which bought Merrill Lynch and were John Key has most of his wealth stored away. He can not be a happy puppy!
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UPDATE 3: C -9.7%, BAC -9.3%, MS -7.1% & CDS blowing too in Financials (GS +60 at 387bps, MS +53 at 547, BAC +34 at 451, C +32 at 347…and Insurers (AIG +70 at 540, HIG +45 at 465, MET +27 at 390, PRU +35 at 340, and BRK +20 at 270)
UPDATE 2: Citi, MS, and BofA all down 8%!!!
UPDATE 1: Citi, MS, and BofA all down over 7% now, XLF -3.5%!!
In the last hour, financials have accelerated to the downside very rapidly. It seems perhaps that the credit markets were on to something and now equities are realizing that something is definitely worrying market professionals.
MS -5.7% at $12.7 (from highs just above $14 this morning as Cramer recommended).
BAC -4.75% at $5.82 (lows since MAR09)
GS -3% at $91.7
C -6%
XLF worst performing sector -2.5% (Is Kass still renting?)
UPDATED Chart (1445ET)
From Zero Hedge
Tags: economic collapse
04/10/2011 at 9:30 am |
Hi, can someone put this into simpler english for me please!
04/10/2011 at 9:36 am |
It’s called an economic collapse of Apocalyptic proportions! With all the too big to fail Banks failing big time!