Meredith Whitney: This Year will be Worse than 2008

Monday, October 12, 2009

A surge in borrower defaults and unemployment pressures will make 2009 an even uglier year for banks than last year, analyst Meredith Whitney said.

Meredith Whitney predicts "breakups and M&As on a grand scale" as the financial industry seeks to remake itself in the face of all its capital pressures. This were Meredith Whitney`s comments:

"I don't think this year is going to look any better than last year. In fact it will look worse because there's so much credit coming out of the system."

"The probability of more people going into default is higher, so the banks are going to have a tough time"

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