Courtesy of Phil of Phil’s Stock World (via Ilene) (Guest Post))
US financials went downhill on oveblown fears of the FHFA law suit . I say overblown because the first bank sued, ING, already settled for .20 on the Dollar. So banks are reacting as if they already lost $30Bn when it’s much more likely this will all get washed away for $6Bn, or about 2 day’s worth of profits (4%). We’ve already seen the banking community write down over $1Tn in losses and survive to screw us over another day – do we really think this little wrist-slap will end them or is this just…
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