October 5, 2007
So now we know why the Citi never sleeps. It seems over the years that all financial crisis end with Citi bank. The recent confessions by Citi sent the markets into the sky, looks like many investors like seeing where the bodies are buried.
One senses a full blown disaster has been averted and the across the board weakness in the financial sector has created shopping opportunities for larger rivals ,thus Toronto Dominion takes over Commerce Bank ,gaining a foot hold in the North East USA. I am sure this will not be the last given the irrational destruction of financials and the seizing of the bond and credit markets .Its not the end consumers that are failing it’s the traders and investment bankers that seem to have given in to panic. Foreign rivals also have the advantage of a weaker dollar giving them greater purchasing power.
The craziest thing about the recent jobs data was that it had economist complaining that the economy is not creating enough low wage jobs?
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