Archive for April, 2008
More job losses are forecast for the banking industry, just as some thought the situation was under control. For the first time in 40 years insitutions that take deposits, make loans, etc, are experiencing a downturn. Analysts at the financial research firm Celent LLC said in a report Tuesday that it expects the U.S. commercial banking industry — essentially, all companies that lend or collect deposits — to lose 200,000 of its 2 million jobs over the next 12 to 18 months.
A month ago, The Wall Street Journal reported that Clinton ally and former HUD Secretary Henry Cisneros grossed more than $5 million in stock sales and board compensation from Countrywide Financial, one of the nation’s largest subprime lenders. Mrs. Clinton’s campaign manager and longtime aide Maggie Williams made US$200,000 by working on the board of Delta Financial Corp., a subprime lender. The Williams headline was the first article to hit the news. Cisneros is simply a friend, or ally, but between the two articles people are beginning to wonder about CLinton’s sincerity.