Financial
Big charge offs at City Bank
City Bank (CTBK: 12.47 +0.41 +3.40%) of Lynnwood, WA released their 2nd quarter earnings today, and they were not pretty. They took a large charge off and a significant portion of their loan portfolio is nonperforming. Here are a few of the pertinent figures compared to the 2nd quarter of 2007.
Net earnings of $5.3 million [...]
Gloating about SKF
I hate to do this but I feel a bit good about the fact that the Ultrashort Financials ProShares (SKF: 116.75 -9.65 -7.63%) has dropped by 35% since Tuesday. This ETF is designed to give twice the gain as the loss of the Financial Select Sector SPDR (XLF: 21.39 +0.83 +4.04%). Also, double the losses [...]
