Thursday, March 19, 2009

Meredith Whitney on Banking Problems in 2009

A bit of history:

In November of 2007, there were profanity-laced angry calls, hate-spewing e-mails, even wishes for her death. Yet financial analyst Meredith Whitney downgraded Citigroup's stock that caused $369 billion in the U.S. stock market to vanish in one day.

"It is a major call, and it takes guts," Whitney told the press. "This was the intellectually honest thing to do. I think shareholders should get out of the stock," she said. "People have always been afraid to come out with negative calls on Citi because it's a widely held company, and people are intimidated by it."

Fast forward to 2009:

On March 17, sitting in the CNBC studio, Meredith Whitney explains why she thinks that the banks may have even worse problems in 2009 than in 2008.

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