Harry Rady, Chief Executive officer of Rady Asset Management commented on the stock market downturn despite Bank of America’s reported increase by triple of its earnings for the first quarter of 2009.
“The bank’s earnings so far just seem to be smoke and mirrors and the other companies aren’t reporting quality earnings. It’s just reducing expenses and dipping into reserves,” said Mr. Rady.
Go to the full article for more in-depth discussion: “U.S. Stocks Lower As Banking Concerns Lead to Broad Sell-Off.”