....... and no end in sight!!!
Just take a look at the headlines. Blame games, Record Losses and Internal Communication & emails - They don't know what they are dealing with yet, so goodluck with finding a solution to this mess!!!
Greenspan Forgets Where He Put His Asset Bubble
Greenspan: Fed Didn't Cause the Housing Bubble
Wells Fargo CEO Paid $13.8 Million for 2008
(Wells Fargo had taken $25 billion from the TARP!!!!!)
Barclays Shares Jump on Government Aid Hopes
Vikram Pandit's Letter to Citi Employees - Financials * US * News ...
UBS Revises Its Loss and Offers a Warning
The market rebounds after ' bullish ' comments from Vikram Pandit, but the newsflow hasn't changed much. I expect to see another round of writedowns and further capital raising later on in 2009.
Remember there's more Toxic + Illiquid derivatives on their books so its not over yet.