Q4 banking numbers point towards growing economic crisis

Billions are wiped off the books and all we get is Greenspan giving excuses, Bush talking about the fundamentally strong economy and Wall Street executives leaving with millions. It’s true that profits never should have been so high before because they were all based on garbage, though everyone profited handsomely from those numbers. Now, nobody takes any blame unless you want to call the platinum parachutes blame. Accountability has never been so far away.

Merrill Lynch – $10 billion loss in Q4
Bank of NY – Q4 profit drops 68%
PNC Financial – Profits down 53%
JP Morgan – 24% decline in profits
Wells Fargo – down 38%
US Bancorp – 21% decline
Citigroup – $10 billion loss

An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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