Banks Downgraded…WaMu & Wachovia Demote CEO’s

June 2, 2008, 1:30 pm     

“The outlooks on the large financial institutions sector in the U.S. are now predominantly negative,” S&P said in a statement. It cited “continued weakness in the investment banking business” for Lehman, Merrill and Morgan Stanley, after a deeper look at the “vulnerabilities of the wholesale and less diversified model of [...]

Economic Review – End of May 2008

New home sales unexpectedly rose 3.3% in April, the first increase in six months, the Commerce Department said May 27. As a result, the inventory of unsold new homes fell slightly to a 10.6 months’ supply versus the 11.1 months’ backlog in March.
The Commerce Department further reported that the median price of a new [...]