I was wondering when these guys would tire of losing money... |
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Written by Reggie Middleton
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Thursday, 04 September 2008 |
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From CNBC , that bastion of financial news stuffs:
Pimco’s legendary bond investor Bill Gross said during “Street Signs” Thursday that his firm would be staying out of any and all bank offerings for the foreseeable future.
Banks the world over have raised $400 billion in capital, Gross said, and may need to raise much more. The problem, though, as yesterday’s $1.5 billion preferred offering at Wells Fargo showed, is that the institutional buyers are full, leaving only small investors to pick up the slack.
As Gross said, “There’s only so many billion and a half small investor bank capital deals that can be done from this point forward.”
Don't say I didn't warn you about Wells Fargo (no wonder why they're raising capital) - see my Wells Fargo work: drill down, the forensic analysis and the Q2 highlights.
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Last Updated ( Thursday, 20 November 2008 )
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