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I hate to pick on these guys, but I just can't help it. From Bloomberg :

 Analysts Backtrack on Banking Stocks After Saying Worst Is Over

Wall Street analysts who only weeks ago were telling investors to buy bank stocks because the worst of the credit crisis was over are now flip-flopping.

Goldman Sachs Group Inc. reversed a call on financial stocks, saying on June 23 that its May 5 recommendation was ``clearly wrong.'' Merrill Lynch & Co. on June 17 cut its rating on Lehman Brothers Holdings Inc. to ``neutral,'' just a week after telling clients to buy. Barron's, the financial newspaper, said this week that its February advice to buy American International Group Inc. was a ``mistake.''

``Analysts probably have less credibility than they did 10 years ago,'' said Charles Geisst, the author of ``100 Years on Wall Street'' who teaches finance at Manhattan College in New York. ``This has just eroded it a little bit more.'
From Reggie:

As I see it, 32 commercial banks and thrifts may see the feces hit the fan blades

Friday, 23 May 2008 | Reggie Middleton

 I have identified 32 banks that are $@%%. It's really as simple as that. I have been  publishing the research that  I used to build my investment thesis. Thus far we...
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The Riskiest Bank on the Street

Monday, 11 February 2008 | Reggie Middleton

Key highlights of my research on the "Riskiest Investment Bank on the Street": The Riskiest Bank on Wall Street – Morgan Stanley has US$74 billion of Level 3 assets, over 200% of its...
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Banks, Brokers, & Bullsh1+ part 1

The first of my regional bank shorts to be posted to the blog...

 And the list goes on...

Erstwhile in the worst is behind us news, inflation threatens to crush marginal banks:

 If Oil Is Causing Inflation, What Can Fed Really Do?

The Federal Reserve finds itself in an uncomfortable situation: Staring down the barrel of inflation with limited options on what it can do.