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Big Banks Pull Off The Ultimate Bait & Switch
Forbes Markets
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3-28-2009 7:05 AM
960 views
tags:
banking
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u.s. bank bail out
,
global financial crisis
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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/ea696ab5-60a1-4264-a2e2-82fd0ec63477/1FAFD73B-85C6-4FE0-997C-929CD870388E/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nakedcapitalism.com/2009/03/guest-post-big-banks-pull-off-ultimate.html" href="http://www.nakedcapitalism.com/2009/03/guest-post-big-banks-pull-off-ultimate.html" style="font-size: 11px;">www.nakedcapitalism.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nakedcapitalism.com/2009/03/guest-post-big-banks-pull-off-ultimate.html">We're not quite as healthy as we thought we were. Oops. (<A target="_blank" href="http://online.wsj.com/article/SB123815206405655957.html#mod=testMod">WSJ)</A><BR /><BLOCKQUOTE><SPAN class="companyRollover link11unvisited">J.P. Morgan Chase</SPAN> Chief Executive <STRONG>James Dimon said...that March was a little tougher than the first two months of the year</STRONG>....<SPAN class="companyRollover link11unvisited">Bank of America</SPAN>...CEO <STRONG>Kenneth Lewis also said that March had been a tougher month for his bank.</STRONG> [<SPAN>Convenient that they decided to dump this information on Friday afternoon, and at the close of a very good week</SPAN>].<BR /></BLOCKQUOTE>Readers may recall that a few weeks ago, those two CEOs---along with Citi's Vikram Pandit---said the first two months of the year had been very good:<BR /><A target="_blank" href="http://www.bloomberg.com/apps/news?pid=20601087&sid=aBYDSwW_8qak&refer=home"></A><BLOCKQUOTE><DIV><A target="_blank" href="http://www.bloomberg.com/apps/news?pid=20601087&sid=aBYDSwW_8qak&refer=home"></A></DIV></BLOCKQUOTE></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nakedcapitalism.com/2009/03/guest-post-big-banks-pull-off-ultimate.html"><DIV>This was possibly the most nakedly self-serving bullshit the big bank CEOs have offered to date. ("bullshit" being a technical term of course, see <A href="http://www.amazon.com/gp/product/0691122946?ie=UTF8&tag=ucstuff&linkCode=as2&camp=1789&creative=390957&creativeASIN=0691122946">Harry Frankfurt</A>)</DIV></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;"> </td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/1FAFD73B-85C6-4FE0-997C-929CD870388E/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>
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