Jim Rogers Calls Most Big U.S. Banks “Bankrupt” + The Crash of 08

Dandelion Salad

By Jonathan Stempel
December 12, 2008

NEW YORK (Reuters)

Jim Rogers, one of the world’s most prominent international investors, on Thursday called most of the largest U.S. banks “totally bankrupt,” and said government efforts to fix the sector are wrongheaded.

Speaking by teleconference at the Reuters Investment Outlook 2009 Summit, the co-founder with George Soros of the Quantum Fund, said the government’s $700 billion rescue package for the sector doesn’t address how banks manage their balance sheets, and instead rewards weaker lenders with new capital.

Dozens of banks have won infusions from the Troubled Asset Relief Program created in early October, just after the Sept 15 bankruptcy filing by Lehman Brothers Holdings Inc (LEHMQ.PK: Quote, Profile, Research, Stock Buzz). Some of the funds are being used for acquisitions.

“Without giving specific names, most of the significant American banks, the larger banks, are bankrupt, totally bankrupt,” said Rogers, who is now a private investor.


via Jim Rogers Calls Most Big U.S. Banks “Bankrupt” – Information Clearing House – ICH.


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One thought on “Jim Rogers Calls Most Big U.S. Banks “Bankrupt” + The Crash of 08

  1. Pingback: Jim Rogers: We’re going to have an inflationary nightmare « Dandelion Salad

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