the worst is ahead for banks

Dhuy urges caution.....as I have done 3 times in the last 10 months. Thanks to j61034322 on the LGL thread for this latest information.

Banks are a short for me as is anything finance related.

Thankfully Dhuy likes rocks and IT geeks, has lot's of ennnnnnnnnergy and loves shiny stuff like gold and silver :) Dhuy's hedge barn...AAR (say no more), PEN (Who wants to be a millionairre?), AGS (I'm in love), ARU (my retirement fund), DWS (in demand IT geeks), BYL (Lot's of roads to build and rocks to move), and none other than the mighty GBG that is about to run harder than Herb Elliott!

The Worst is Ahead for Banks

"JPMorgan Chase CEO James Dimon says banks will suffer more from the recession than from the subprime debacle itself.

Investment banks have written down tens of billions of dollar so far, but the worst is not behind us yet, Dimon says. Banks will be hit harder as the recession unfolds.

"The recession is just starting,” Dimon told an audience at the UBS AG financial services conference in New York.

"We don't know whether it's going to be mild or severe. It could be deep, it could be worse than the capital markets crisis."

Dimon also believes that there is "a third of a chance” that the recession is "going to be pretty bad.”