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April 23, 2008

All Business: Data don't support bank CEOs' happy talk

  • We might want to listen cautiously to what the bank CEOs are saying now given the positive spin they have been putting on the worsening credit crisis.
    • By RACHEL BECK
    AP Business Writer

    NEW YORK — Bank CEOs missed the mark in forecasting the destructive path of today's credit crisis. That's why we shouldn't take too seriously their predictions that it is almost over now.

    Some of Wall Street's biggest names have been proclaiming in recent weeks that the worst of the financial market turmoil is likely done. JPMorgan Chase's Jamie Dimon thinks it is “maybe 75 percent to 80 percent over,” while Goldman Sachs' Lloyd Blankfein says “we're closer to the end than the beginning.”


     
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