Banking Carnage Spreads

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vhf

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Banking Carnage Spreads

posted on Sep 18, 2008 08:52AM

The latest members to join the cliff divers club appear to be State Street (STT) and Bank of NY Mellon (BK). STT is down 43% today and BK is down 33% and are currently trading at $38 and $22, respectively. It was just last week that STT was trading at $72 and BK at $40.

With a massive $105 billion in REPOS today, the FED is trying their best to stem the selling. Each day the REPOS increase but are met with only reduced effect. Should the DOW collapse today after receiving such significant fund support then it is surely true this index is heading sharply lower. Even Goldman just dropped below the psychologically important $100 level.

The cartel is trying their best to keep gold in check but financial turmoil is providing much buoyancy. The closing of another money market fund from Putnam will add to the current chaos.