More Pain

There was so much talk about “zombie banks” last week, I thought you might be interested in a shot I took of Ken Lewis and Vikram Pandit hanging out at Hyde Lounge in LA last night. That’s Lewis on the left asking Pandit if he really wants to hang around at the bank for only 500k per year.

S&P futures are down about 21 handles, DOW futures are down about 170 points and oil is down about $2.40 to the $42 level. The DOW has broken the 7000 level in pre-market trading as AIG bellies up to the bar for billions more and HSBC confirms a capital raise in the billions to shore up capital. Is there a Dryship tanker big enough to carry all this toxic paper? I think not.

Good luck, watch for a bounce, but be prepared for the worst.

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