Saturday, November 22, 2008

Musical Chairs


4 banks received 25 billion each. (Until Bloomberg is successful in their FOI suit against the Federales , who knows how much more.)

JP Morgan Chase
Wells Fargo
Bank of America/Merrill Lynch

Citigroup is the first of the 4 to crack, JP Morgan needs more capital then Citi, and not a soul on the planet - perhaps not even Ken Lewis - doesn't believe Bank of America overpaid for Merrill.

If Citi cracks up, how can Bank of America not look to retrade?

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