Tuesday, March 10, 2009

Meredith Whitney - Credit Cards are Next...

Wasn't pessimistic enough on bank losses... Bartiromo kept trying to elicit bullish comments on Citi and the banks in general. I think Meredith is still too bullish, frankly. Mark to Market is going to look better? Okay, Meredith, don’t get carried away, look at the option arm mortgages still in the pipeline…

Note that she picked up on my earlier comments regarding Citi… no write downs included in “profits.” LOL, up 28 cents, “don’t call that a relief rally.”

“By my math, they don’t make money in any of their businesses.”

On suspending mark to market... "Doesn't really matter."