Citi, BofA Problems Seen Spreading to Other US Banks
In an article titled Citi, BofA Problems Seen Spreading to Other Banks, Jeff Cox reports for CNBC that financial analysts are predicting a spread of the problems currently affecting Citi and Bank of America to other US banks.
I think he's right. This quote is from today's Standard and Poor's Ratings Direct: "The U.S. banking system has entered an exceptionally difficult time as it confronts a prolonged downturn in the credit market and the economy. Since the second half of 2007, the industry has experienced widespread credit deterioration. We have negative outlooks on most of our U.S. bank ratings, reflecting our expectations that, despite a supportive government, industry credit quality will continue to suffer for at least the next few years. "
Posted by: Dan Ray | January 15, 2009 at 02:41 PM