Results season this week for Q4 earnings:
JPMorgan – a $702 million Q4 net income compared to $3 billion a year ago;
Citigroup – $8.29 billion losses and breaking into two banks;
Bank of America – $1.79 billion loss, and $138 billion bailout thanks to Merrill making a $15.3 billion loss;
Deutsche Bank – $6.4 billion loss;
Anglo Irish Bank – nationalised and Ireland's banks placed into turmoil;
and UK, US and other banks still sinking in a quagmire of toxic debts.
Solution? Follow the Swedish (again).
And the good news?
Gary Markstein, copyright 2009 Creators Syndicate