500 To 600 More Bank Failures Coming In Next 12 Months As FDIC "Hit List" Plays Out:

[Joanne98]

Don't know how true this is since it's coming from pathological liar Ruppert!

67 WALL STREET, New York - October 5, 2009 - The Wall Street Transcript has just published its Northeast and Mid-Atlantic Regional Banks Report offering a timely review of the sector to serious investors and industry executives. This 130 page feature contains expert industry commentary through 21 in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available by calling [phone] or via The Wall Street Transcript Online.

http://finance.yahoo.com/news/500-To-600-More-Bank-Failures-twst-2571734202.html?x=0&.v=1

[Moondog]

1. That's 10-12 a week, on average. Yikes! n/t

[MellowOne]

2. Goldman Sachs ups large U.S. banks to attractive

By Greg Morcroft, MarketWatch

NEW YORK (MarketWatch) -- Analysts at Goldman Sachs got more optimistic about large U.S. banks Monday, raising their coverage view on the sector to attractive from neutral.

Among specific names, they upgraded Wells Fargo & Co. /quotes/comstock/13*!wfc/quotes/nls/wfc (WFC 27.93, +1.65, +6.28%) to buy and Comerica Inc. /quotes/comstock/13*!cma/quotes/nls/cma (CMA 29.93, +1.15, +3.10%) to neutral.

They added Capital One Financial Corp. /quotes/comstock/13*!cof/quotes/nls/cof (COF 35.45, +2.26, +6.81%) to their conviction buy list, which also includes J.P. Morgan Chase & Co. /quotes/comstock/13*!jpm/quotes/nls/jpm (JPM 43.40, +1.54, +3.68%) and Bank of America Corp. /quotes/comstock/13*!bac/quotes/nls/bac (BAC 16.84, +0.50, +3.06%) .

"The market has failed to recognize the dramatic improvement in earnings power at the large banks versus the regionals," they wrote, adding that, "We believe this difference in earnings power has not been fully reflected in share prices."
Wells Fargo upgraded to buy, conviction on Capital One

Goldman's team lifted Wells Fargo to buy from neutral, saying that the bank's capital position is improving and it stands to reap big rewards form its distressed takeover of Wachovia Corp.

"Wells is the big winner this cycle on change in tangible assets per share, up 70% from the second quarter of 2007 to the second quarter of 2009. The reason is simple: Wells bought Wachovia at a depressed price," the analysts said.

Goldman added banking and credit card firm Capital One to its Conviction Buy list. It said the company's consumer credit problems are moderating and the analysts expect a positive revenue surprise for upcoming third quarter results.

"Tangible assets per share have not changed and consumer credit is moderating," the researchers said. "We think third quarter revenues will be better than expected leading investors to revise up normalized EPS to over $5, leaving the stock at 6 times normalized (earnings), versus 9 times for regionals."

Greg Morcroft is MarketWatch's financial editor in New York.



So what's up? Sounds like something big is about to hit the fan.