“The bank’s shares have been pummeled in recent days following the disclosure of the bank’s first quarterly loss in 17 years”
Let me get this straight...up until just now they were a profitable company...and they have one bad quarter and are set to go broke. By that standard, GM would have been bankrupt dozens of times by now.
No...the real reason is that the banks are able to cook their books and keep showing a profit, even as they fall off the cliff. Clearly, if this bank is broke after showing its first loss, just think about the rest of the banks.
The next phase of this meltdown is now starting.
Harry Reid Admits Stimulus Bill “Approaching A Trillion Dollars”
http://www.youtube.com/watch?v=YGx—ZmP-0c