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Lest we forget exactly where ground zero is for this credit mess, bear market rally or not...

UBS Posts Worse-than-Expected Quarterly Loss: Swiss bank UBS will separate its business into three autonomous units after posting a worse-than-expected second quarter loss of around $330 million.

JPMorgan July Loss $1.5 Billion
Wachovia Boosts Loss, Cuts Jobs

One thing that I do not hear pundits mention is how EXPENSIVE financial stocks are getting as their book valuations get murkier, their earnings stream get sparser (or shall I say increasingly negative), and their prices shoot every higher. From a economic profit perspective, all we need is a slight uptick in real rates and these stocks will be the most expensive they have been since... oh yeah, the last crash! 

..and why is everybody overlooking the fact that the riskiest bank on the street is rife with risks... Morgan Stanley's $4.5 Billion Buyback of Debt Won't Stop Probe, Cuomo Says.

See     The Riskiest Bank on the Street as well as:

·        Banks, Brokers, & Bullsh1+ part 1

·        Banks, Brokers, & Bullsh1+ part 2

·        Money Panic

·        Bear Fight

·        The Breaking of the Bear

·       The Next Shoe to Drop: Credit Default Swaps (CDS) and Counterparty Risk - Beware what lies beneath! .

·        I know who's holding the $119 billion dollar bag!  (Goldman has the third highest exposure to these insolvent guarantors, look at the 1 yr charts for numbers 1 and 2!)

·        Here comes the CRE Bust (Quip on Lehman Brothers)

·        Is Lehman a Lemming in Disguise (from a conributing individual investor)

·        Liquidity vs Insolvency

·        Bear Stearns Bear Market, Revisited