Meredith Whitney comments - negative on banks

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Oppenheimer's Meredith Whitney, on CNBC, says we are going start to see
contraction in the overall mortgage market because banks aren't lending

For the credit card industry, we are going to see over $2 trln of available
credit lines pulled out of the system. Thinks C, UBS, WFC, JPM, BAC all have
room to come down. Says estimates are coming down dramatically on those names
says no one is immune. Believes that the banks come back for capital in the
next 9 months. Believes some will cut their dividends again. Thinks C trades
into the single digits. Says WFC at $20 looks like a very attractive co. Says
C could find a 'mate' as long as there is a government backstop.

 

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