The Washington Independent
Like many people, financial blogger Michael Shedlock has been worried for a while about the stability of the financial system. He’s made it clear in Mish’s Global Economic Trend Analysis that he thinks banks and lenders are in bigger trouble than they’re letting on. Shedlock, an investment advisor for SitkaPacific Capital Management and a contributor to Minyanville, has a strong following. He’s not alone in his worries; other financial experts are beginning to say out loud that things are getting pretty scary. Earlier this week, Kenneth Rogoff, the respected former chief economist of the International Monetary Fund, predicted that a large U.S. bank will fail within months, due to the deepening credit crunch. Shedlock is going further, and he’s naming names, with a list of ten financial institutions he thinks are close to going under. You can read his post to see why he thinks so, but to save you the suspense, here’s the list:
“„Lehman (LEH)
“„Washington Mutual (WM)
“„Fannie Mae (FNM)
“„Freddie Mac (FRE)
“„Corus Bank (CORS)
“„BankUnited (BKUNA)
“„Downey Savings (DSL)
“„Wachovia (WB)
“„Regions Financial (RF)
“„MBIA (MBI)
“„Ambac (ABK)
And yes, you counted right; there are 11. Shedlock said he threw in an additional troubled institution because of deflation.
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