What will Obama mean for my stocks? I don't know. I won't even venture a guess. That's been done already by more than enough people, including Jim Cramer.
I'm taking a few moments to think about the new business landscape that we have. Citigroup has finally thrown in the towel on the financial supermarket concept. Jim Jubak in his latest article opines that Bank of America is heading down that same road. What about JPMorgan Chase? CEO Jamie Dimon cut his teeth and Citigroup as Sandy Weil's right hand man. It doesn't appear that he's given up his former mentor's quest. Are he and Lewis engaged in reckless empire-building? Time will tell.
I would not be a buyer of common stock in Citigroup or Bank of America until the government signals that that the common won't be wiped out.
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