The news today — as it has been many days in the past months — is mostly about the financial sector. Mortgage lenders continue to struggle, as do those that made money off of mortgage lenders. Right now, there are some major developments with regard to the following banks:
2. On Friday, the US government decided to take a bigger stake in Citi.
3. Today, I awoke to the news that the US government is restructuring its AIG bailout — and taking a bigger stake.
4. Bank of America and Wells Fargo are dropping as stability concerns cause fears about the banking system.
It is clear that major financial institutions are in trouble. And it is equally clear that the government plans to do what it can to shore them up. But many are thinking that nothing the government plans to do is enough.
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