Pam and Russ Martens: Big Wall Street banks are bleeding out their equity capital

Section:

Five Mega Wall Street Bank Stocks Have Lost Average of 45% in Five Weeks

By Pam and Russ Martens
Wall Street on Parade
Sunday, March 22, 2020

Here is the chart that has the Federal Reserve and its Wall Street money funnel (also known as the New York Fed) chewing on their worry beads and rapidly rolling out their alphabet soup of Wall Street bailout programs in a replay of their playbook during the 2007-2010 Wall Street collapse:

https://wallstreetonparade.com/2020/03/five-mega-wall-street-bank-stocks...

While Fed and Treasury officials have been repeatedly assuring Americans that these Wall Street behemoth banks have plenty of capital, they've actually been bleeding their common equity capital faster than a snow cone in July. In just the past five weeks, from the close of trading on Friday, February 14, through the close of trading on Friday, March 20, five of the largest Wall Street banks have lost an average of 45 percent of their common equity capital.

... Dispatch continues below ...



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Adding to the embarrassment for the Federal Reserve, Citigroup, the bank it propped up with $2.5 trillion in secret cumulative loans the last time around, is once again leading the herd with losses in its common equity capital. Citigroup's market capitalization has lost a stunning 51.7 percent in just the past five weeks. And we are certainly in the early innings of this bank rout.

Morgan Stanley, which was second in line behind Citigroup at the Fed's trough in the last financial crisis, receiving $2.04 trillion cumulative in secret revolving loans, has lost 46.9 percent of its common equity capital in just the past five weeks.

Just last week alone the five Wall Street behemoths listed in the chart above lost a combined $154.45 billion in common equity capital. ...

... For the remainder of the report:

https://wallstreetonparade.com/2020/03/five-mega-wall-street-bank-stocks...

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