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Why the big banks are plummeting again
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Tuesday, October 04, 2011
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From The Big Picture:

Morgan Stanley in a free fall. Goldman Sachs at multi-year lows. Citigroup looking ugly. Bank of America off 50% from recent highs.

You may be wondering what is going on with the major firms in the financial sector. While each of these firms have different problems -- vampire squids to Countrywide acquisitions -- they all have something in common: Their balance sheets are opaque.

This is no accident. Indeed, it was by design that execs in the banking sector, and their outside accountants, hatched a scheme in 2008 to...

Read full article...

More on the banks:

The big U.S. banks were CRUSHED today

The euro collapse could wipe out this big U.S. bank

No longer "Too Big to Fail": This U.S. bank is in serious trouble

Topics: Banks | Financials | Government_Stupidity
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