Tuesday, September 01, 2009

Cartoon and some Financial News

by Calculated Risk on 9/01/2009 05:14:00 PM

First another cartoon from Eric Lewis ...

Lewis CartoonCartoonist Eric G. Lewis' take on the economic discussion.

Click on cartoon for larger image in new window.

Stock Market CrashesAnd a market graph from Doug Short.

This matches up the market bottoms for four crashes (with an interim bottom for the Great Depression).

Note that the Great Depression crash is based on the DOW; the three others are for the S&P 500.

On Wells Fargo from Bloomberg: Wells Fargo to Repay TARP Without Raising New Equity
“We will pay it back, but we’re going to pay it back in a shareholder-friendly way,” John Stumpf, president and chief executive officer of the San Francisco-based lender, said in an interview today on Bloomberg Television. ‘We are now earning capital so quickly, organically, we don’t want to dilute our existing shareholders.”
On BofA from Bloomberg: Bank of America May Repay U.S. Aid, End Loss-Sharing Accord
Bank of America Corp. offered to repay part of the $45 billion received in U.S. bank-rescue funds and end a loss-sharing arrangement with the government related to the bank’s acquisition of Merrill Lynch & Co., according to a person familiar with the plan.
And on CIT from Reuters: CIT defers interest payment, shares fall
The cash-strapped company said in a filing with the U.S. Securities and Exchange Commission that it cannot pay an interest payment due September 15 to holders of its March 15, 2067 junior subordinated notes.
And of course the bids for the assets of Corus Bank are due this week ...