Monday, May 11, 2009

Meridith Whitney on the banks - CNBC interview - 3:25PM

Earnings power continues to be an important focus of the banks. Do not see a bottom for fundamentals of bank stocks. Bank stocks defy gravity, grossly overvalued. Continued liquidity contraction. Unclear if this will be the final capital raise.

For those of you not familiar with Meridith, she was an analyist for Oppenheimer, but left to start her own Meridith Whitney Advisory Group. She called this mess well over a year ago and all the trouble for the banks. When she talks, I listen.

If CNBC posts a video of the interview with Maria, I'll post it.

It appears Meridith moved the market. The S&P lost about 5 points and the DOW 40. Mark Haines, in a rare appearance on "Closing Bell" with Maria acknowledged the move.

I'm shocked! Might have to drop their cheerleading grade today for that.

The interview is up, so here it is. Must see.

No comments: