Banking, finance, and taxes
Potential S&P Downgrades Of MBIA (MBI) and Ambac (ABK) Hammer Bank Stocks
Published:
Citigroup (NYSE: C) is trading off over 5% today. Wachovia (NYSE: WB) and JP Morgan (NYSE: JPM) are down over 3%.
Is it any wonder? S&P today said that its potential downgrade of Ambac (NYSE: ABK) and MBIA (NYSE: MBI) may lead to rating cuts at big banks as well. Bloomberg writes "bond insurer downgrades also could affect banks directly by causing them to recognize more losses and reverse gains in securities they hold guaranteed by the bond insurers, S&P said."
More downgrades at banks should drive their stock prices much lower. Citi bottomed at $22.36. Another downgrade might take it back there.
Douglas A. McIntyre
Travel Cards Are Getting Too Good To Ignore
Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.
We’re talking huge sign-up bonuses, points on every purchase, and benefits like lounge access, travel credits, and free hotel nights. For travelers, these rewards can add up to thousands of dollars in flights, upgrades, and luxury experiences every year.
It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.
We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.
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