One more reason to dump this big bank’s stock immediately
From Zero Hedge:
And to think it was less than two months ago that Warren Buffett took a bath to provide the bank with capital it had "absolutely no need for," but was happy to take it anyway. Well, it turns out the firm is preparing to raise just a "little" more capital.
From the just released 10Q:
"During the third quarter, global economic uncertainty, and volatility continued as described more fully in the Executive Summary – Third Quarter 2011 Economic and Business Environment discussion on page 7. Concerns over these and other issues contributed to a widening of credit spreads for many financial institutions, including the Corporation, resulting in lowering of market values of debt and preferred stock issued by financial institutions.
The uncertainty in the market evidenced by, among other things, volatility in credit spread movements, makes it economically advantageous at this time to consider retirement of issued junior subordinated debt and preferred stock. As a result of these matters, we intend to explore the issuance of common stock and…
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