Monoline Exposure Will Hurt 2Q Earnings
It seems likely that losses from monoline exposure could impact second quarter earnings by nearly $10 billion, nearly doubly the previous loss amount. The hardest hit among financial companies will likely be Citigroup (NYSE: C), Merrill Lynch (NYSE: MER), and UBS (NYSE: UBS). Such is the latest from Meredith Whitney from Oppenheimer. It is likely that Citigroup will post another loss, perhaps has high as $.50 per share, compared to previously expected quarter in the black.