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07-03-2009, 12:32 AM
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Location: Great State of Texas
86,068 posts, read 77,030,912 times
Reputation: 27654
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Interesting rumor based on Fed Funds rate shooting from 1% to 7% for "some bank". The blog says last time this happened Lehman went belly up.
Is a Bank in Trouble? What the Fed Funds Say - MarketBeat - WSJ
snippet:
"There’s been some chatter in the market this week about whether a bank may be in trouble. The source of the concern is an anomaly in the federal-funds rate, that’s the rate banks charge each other to borrow money overnight." |
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07-03-2009, 03:31 AM
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20,194 posts, read 21,626,026 times
Reputation: 9235
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That's the reason I don't want to invest in any big bank right now.... the government made it just way too uncertain... I am sure one of the big banks is going to go bankrupt but I don't know which one... Citigroup? BAC? Wachovia? BBT? I don't know... If one went bankrupt it would cause other fragile ones to do the same and then I can at least feel me assured to invest but its just way too much risk for my taste even though BAC made good returns (so far)....
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07-03-2009, 10:32 AM
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14,256 posts, read 16,283,516 times
Reputation: 13759
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I have steered clear of individual bank shares and stuck to FAS and FAZ combined with covered calls on each.
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07-03-2009, 04:29 PM
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Location: home state of Myrtle Beach!
6,427 posts, read 20,390,004 times
Reputation: 3639
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Fodder for the rumor mill...
BOA recently sold my parents mortgage to Fannie or Freddie!
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07-11-2009, 11:04 AM
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Location: Great State of Texas
86,068 posts, read 77,030,912 times
Reputation: 27654
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Do we have a winner folks ?
CIT Group hires premier bankruptcy adviser - Yahoo! News (http://news.yahoo.com/s/ap/20090711/ap_on_bi_ge/us_cit_bankruptcy_adviser_1 - broken link)
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07-11-2009, 11:47 AM
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Location: Texas
4,938 posts, read 7,166,847 times
Reputation: 5517
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Nice... I bank with a bankrupt institution.
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07-11-2009, 11:49 AM
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Location: Great State of Texas
86,068 posts, read 77,030,912 times
Reputation: 27654
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CIT is not Citi ..just FYI.
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07-11-2009, 11:50 AM
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Location: Texas
4,938 posts, read 7,166,847 times
Reputation: 5517
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Quote:
Originally Posted by Jaggy001
I have steered clear of individual bank shares and stuck to FAS and FAZ combined with covered calls on each.
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Them leveraged ETF's are dangerous over time. Seems like the best way to play them would be to short them (particularly FAS) since they eventually head to zero in a volatile markets. Don't hold for more than a few days at a time and put in a stop loss. I learned that lesson the hard way. |
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07-12-2009, 04:59 PM
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Location: Seattle, WA
209 posts, read 557,055 times
Reputation: 87
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CIT does have a banking operation in Utah so that would fit the timing.
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07-13-2009, 06:11 AM
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12,869 posts, read 13,734,652 times
Reputation: 4453
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CIT already received $2.3 billion in government bailout funds in December, as part of the $700 billion rescue fund created by Congress last October. It had to convert to a bank holding company to access the money.
CIT is awaiting word on whether it will receive funds from the Federal Deposit Insurance Corp.'s Temporary Liquidity Guarantee Program, which lets cash-squeezed companies issue government-backed bonds to raise capital at a lower cost. As of June 8, the program has backed $335.4 billion dollars of debt.(malaysia news)
Last edited by floridasandy; 07-13-2009 at 06:38 AM..
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