Goodbye Meredith, We'll Miss You
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Uber-bearish banking analyst Meredith Whitney is reportedly leaving Oppenheimer to start her own firm. Meredith has become a star for her prescient calls on the banks, like Citi (NYSE: C) and Bank of America (NYSE: BAC). She was telling people to sell them while others were screaming buy. We all know what has happened.
It is pretty obvious Meredith is trying to parlay her shinning-star into a money making venture. Maybe Oppenheimer wasn't willing to pay her what she wanted and she sees more dollars going out alone. This is a tough time to be starting any company, let alone an investment advisor business. We wish her well.
I'm sure the banks aren't sad to see her go.
Some are already suggesting this could signal the bottom in the financial stocks. Well, this was also suggested when Meredith was the cover girl for Fortune magazine in August '08. The Financial Select Sector SPDR (NYSE: XLF) is down another 63% since then - OUCH! So anyone calling today's news a sign of the bottom will also likely be proven wrong.
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Comments
banking stocks
It is not the end of the banking stocks, not yet, Barney Frank will kill them, along with msnbc.
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