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Meredith Whitney was on Bloomberg TV today.
She talks about his first client, and about banks.
She analyzes banks in aggregate (not individual ones). Mortgage banking does not make banks money, nor do credit cards. Last quarter was government fueled. Vast majority of profits was government induced.
Asked if it makes sense that Citi was the most profitable bank in Q1? She answered, yes, that C was "a lot less worse". Mortgages did not improve. Large corporations have recovered.
Watch interview.
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