- Banned
- #1
Putting this in 'Current Events' as this has real implications for banks & for equity markets too.
Treasury Department’s odd attempt to reassure investors may have just backfired
The U.S. Treasury Department raised eyebrows and jogged worrying memories of the financial crisis Sunday with a statement that Secretary Steve Mnuchin convened calls with the CEOs of six leading banks to confirm they had ample liquidity, in hopes of averting another Wall Street selloff Monday.
On Sunday, the Treasury Department tweeted that Mnuchin “conducted a series of calls today with the CEOs of the nation’s six largest banks” — Bank of America BAC, -3.07% , Citi C, -3.88% , Goldman Sachs GS, -4.96% , JPMorgan Chase JPM, -2.36% , Morgan Stanley MS, -3.16% and Wells Fargo WFC, -2.00% . “The CEOs confirmed that they have ample liquidity available for lending to consumers, business markets, and all other market operations. He also confirmed that they have not experience any clearance or margin issues and that the markets continue to function properly.”
While apparently intended to as a pre-emptive reassurance to investors, the tweet may have done just the opposite, stoking fears that the government is bracing for the worst:
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So, Trump ONLY hires the best; the best dumb asses. Way to go Steve; you smelly turd.
Treasury Department’s odd attempt to reassure investors may have just backfired
The U.S. Treasury Department raised eyebrows and jogged worrying memories of the financial crisis Sunday with a statement that Secretary Steve Mnuchin convened calls with the CEOs of six leading banks to confirm they had ample liquidity, in hopes of averting another Wall Street selloff Monday.
On Sunday, the Treasury Department tweeted that Mnuchin “conducted a series of calls today with the CEOs of the nation’s six largest banks” — Bank of America BAC, -3.07% , Citi C, -3.88% , Goldman Sachs GS, -4.96% , JPMorgan Chase JPM, -2.36% , Morgan Stanley MS, -3.16% and Wells Fargo WFC, -2.00% . “The CEOs confirmed that they have ample liquidity available for lending to consumers, business markets, and all other market operations. He also confirmed that they have not experience any clearance or margin issues and that the markets continue to function properly.”
While apparently intended to as a pre-emptive reassurance to investors, the tweet may have done just the opposite, stoking fears that the government is bracing for the worst:
-----------------------------------------------------------------------------------------------------------------------------------
So, Trump ONLY hires the best; the best dumb asses. Way to go Steve; you smelly turd.
