Picking the Bones Out of the Nightmare of the American Dream

Summary

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America's dreaded sub-prime skeletons were again rattling stock markets on both sides of the Pond yesterday, as they will from time to time until there is a plausible reason to suppose that we know where most of the skeletons are.

Yesterday it was Citigroup's turn, with one analyst warning that this colossus of American banking may have to beef up its capital ratios by selling assets, cutting its dividend, or, heaven forfend, asking its shareholders for cash.

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Picking the Bones Out of the Nightmare of the American Dream

All the big American banks have had to come up with numbers for their subprime pain for the purposes of their quarterly results....

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