Making Money in This Market

Tue, 2009/03/10 - 1:15pm | Your editor
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     It is not necessary to go to unheard of lands with exotic accounting standards, and different mores, to find bank shares which rise. Thanks to a seemingly upbeat report by Vikram Pandit today about Citicorp, of which he is CEO, every bank on earth has seen its stock rise. When I last looked, Barclays was up 21%. And in case you are not aware of it, the British banking group has a rather different regulatory and profit outlook than CI.

      My reason for this remark is defensive. I do not want to buy a banking stock in Dubai, as Mark Hake, the errant analyst, and at least one reader think I should. I have trouble enough interpreting the accounts of banks in normal countries where the avoidance of 'ribah' (usury) does not lead to contortions. Given the perils of normal Western-style banking, I do not need to invest in its Islamic variant.

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