Wikileaks Release Could Lead to a BP Like Fallout for US Banks

Tuesday, 30 November 2010 20:03

Written by Chris-- Marketshorter@aol.com

JPM	JPMorgan Chase & Co.	37.62	-0.29	-0.76%	147.06B
BAC	Bank of America Corp.	11.09	-0.22	-1.95%	111.84B
WFC	Wells Fargo & Company	27.26	+0.06	0.22%	143.03B
C	Citigroup Inc.	4.22	+0.07	1.57%	122.45B
PNC	PNC Financial Services	54.14	-0.18	-0.33%	28.46B
GE	General Electric Company	15.90	-0.07	-0.41%	169.32B
GS	Goldman Sachs Group, Inc.	157.86	-1.07	-0.67%	80.70B
MS	Morgan Stanley	24.57	-0.35	-1.40%	37.16B
USB	U.S. Bancorp	23.89	-0.21	-0.87%	45.83B
HBC	HSBC Holdings plc (ADR)	50.65	-0.37	-0.73%	179.14B
DB	Deutsche Bank AG (USA)	48.18	-1.17	-2.37%	29.72B

The banking sector could nose dive in similar fashion to this summer's BP oil catastrophe when Wikileaks releases its internal documents. In an interview with Forbes magazine, Julian Assange mentioned that he would be releasing evidence that could bring down a major US bank.

There are plenty of controversial issues within the banking sector, some of which include; the subprime mortgage scandal, Robo-signing of foreclosure documents and JP Morgan’s suppression of silver through naked shorting, just to name a few...CONTINUED BELOW

In any case, we’ll continue to research any leads onto which banks could be most affected by the scandal and a short-selling strategy to profit from the coming fallout. If we were forced to choose a culprit right now, we’d say Bank of America, JP Morgan or Goldman Sachs could very well be at the forefront of the scandal. Keep in mind however; that there are no innocent banks-- this scandal could have implications a large portion of the sector. It looks like their will be easy profits to be made, especially for banks closer to their 52 week highs.

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