New Data Topic of Audio Press Briefing
JUPITER, Fla.--(Business Wire)--
Several of the nation`s largest banks, including JPMorgan Chase, Goldman Sachs, Citibank, Wells Fargo, Sun Trust Bank, HSBC Bank USA, plus more than 1,800 regional and smaller institutions are at risk of failure despite government bailouts, according to Martin D. Weiss, Ph.D., president of Weiss Research, Inc., an independent research firm.
The analysis is based on Fourth Quarter 2008 data from TheStreet.Com and the Comptroller of the Currency (OCC). Several large institutions received significant ratings downgrades from the prior quarter, including Citibank, downgraded from C- to D; Wells Fargo, downgraded from C- to D+; and SunTrust Bank, downgraded from C- to D+.
To discuss the new data and his analysis, Dr. Weiss will conduct an audio press briefing tomorrow, as follows:
Date and time: Tuesday, April 7, 11 a.m., Eastern Time.
Phone # to call: 1-866-228-9900; Overseas +1-719-359-4032.
Conference name: Weiss
Participant passcode: 721451
In addition, Dr. Weiss will provide updated commentary of his white paper issued on March 19. Titled "Dangerous Unintended Consequences: How Banking Bailouts, Buyouts and Nationalizations Can Only Prolong America`s Second Great Depression and Weaken Any Subsequent Recovery," the white paper names U.S. banks and thrifts believed to be at risk of failure, using that data to demonstrate that the U.S. government greatly underestimates the scope of the debt crisis, while overestimating its ability to effectively save troubled institutions without severe adverse consequences.
The debt crisis is much greater than the government has reported, according to the white paper. The FDIC`s "Problem List" of troubled banks includes 252 institutions with assets of $159 billion. The updated review by Weiss Research, however, shows that 1,816 banks and thrifts are at risk of failure, with total assets of $4.67 trillion, compared to 1,568 institutions, with $2.32 trillion in total assets in prior quarter. FULL STORY.