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Originally Posted by jmatta
GM is going to file chapter 11, so stay away. As for the financials? Citi, BoA and Chase are all insolvent if you strip away the government money and factor in the off balance sheet (level 2 and 3) investment losses. Citi's market cap at .98 a share is nil. BoA and Chase aren't far behind. Chase will have to suck up $41 B in Bear Stearns losses and the WaMu fallout rendering them nil, unless Obama keeps handing out bailout money. BoA and Citi are effectively nationalized already, so why don't we call a spade a spade?
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Yep. All true. I happen to like my chances with these stocks. Not a lot of reason to short them anymore. And if you haven't noticed, the government IS handing them money.
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