Banking, finance, and taxes
Oppenheimer Takes Down Citigroup (C) And Merrill Lynch (MER), Again
Published:
Meredith Whitney of Opperheimer covers financial stocks, but she clearly hates them. At least for the time being.
She is no making the point that as MBIA (MBI) and Ambac (ABK) lose their "AAA" status, companies like Citigroup (C) and Merrill Lynch (MER) face greater write-downs.
According to Bloomberg, the analyst said "Citigroup Inc., Merrill Lynch & Co. and UBS AG may post further writedowns of $10 billion on their debt holdings after the two biggest bond insurers were stripped of their AAA rankings."
Even with bad news out of Lehman (LEH) today, Citigroup (C) is holding above $20. That may not last more than another week or so.
Douglas A. McIntyre
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
