What The Smart Money Is Saying About The Credit Crunch
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'We have a ways to go. We see the end of that peaking in the third quarter, in terms of charge-offs and delinquencies. So it's (the credit crunch) going to play out over several more quarters'.
Ken Lewis, CEO, Bank of America (Reuters).
'The worst of the financial market crisis is behind us, but there's more to come. The economic problems associated with the turmoil have quarters to go, maybe years to go, because of the contraction of credit, the bloated balance sheets and the inability of banks to loan and restimulate the economy'.
Larry Fink, CEO, BlackRock (Reuters)
'(Lehman CFO Erin Callan) says she's spent most of her time on the trading floor because that's where the vulnerability is. But if she's done that, she would have caught this (the firm's larger-than-expected second quarter losses)'.
Richard Bove, Analyst, Ladenburg Thalmann (The New York Post)
'There's clearly more bad news than good news, there's almost exclusively bad news, but I don't think we're looking at the end of the world'.
Sir Fred Goodwin, CEO, Royal Bank of Scotland (Bloomberg)
'The fraud or the losses taken by some European banks related to the US real estate market have not fundamentally changed the ranking of the European banks'.
Daniel Bouton, CEO, Societe Generale (Reuters)
