10/28/09 Stockholm, Sweden – A round up of over 20 bank analyst assessments this year, between May and October, shows a distinct pattern emerging… nearly every single Wall Street bank is in a hurry to hold or upgrade one another’s stock.
Of the top seven Wall Street banks, the majority of which have welcomed themselves to government assistance, there’s only one sell rating in the bunch. All the rest of the ratings are either buy or neutral, despite the clearly strained positions of the banks, especially regarding loan losses and in light of the weakening market.
The Wall Street banks (and analysts) included are:
* Bank of America (Moszkowski; Coombs)
* Deutsche Bank (Carrier; O’Connor)
* Goldman Sachs (Ramsden)
* JPMorgan (Juneja; Abouhossein)
* Morgan Stanley (Graseck; Steenis)
* Citigroup (Horowitz; Coombs)
* Wells Fargo (Burnell)
* And, Calyon (Mayo) to basically show an alternative, rather outsider, perspective.
The data comes from Zero Hedge, which has a stunning graphic that lays out the willingness of the Wall Street banks “to upgrade each others’ stocks with impunity.” The graphic of major banks seemingly operating in concert just adds more support to the idea that they are completely comfortable deceiving the investing public if it’s in their own best interest.
Rocky Vega
Rocky Vega is publisher of The Daily Reckoning. Previously, he was founding publisher of UrbanTurf and RFID Update, which he operated from Brazil, Chile, and Puerto Rico, and associate publisher of FierceFinance. He specialized in direct marketing at MBI, facilitated MIT Sloan School of Management programs, and has been featured on CBS. Vega graduated with honors from Harvard University, where he was on the board of Let’s Go Publications and directed business programs involving McKinsey, Goldman Sachs, and Harvard Business School faculty. He is also enrolled at the Stockholm School of Economics.
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