The market is hunting banks:
ELIZA RONALDS-HANNON: We’re seeing widening CDS spreads in banks other than Credit Suisse, with the cost of Deutsche Bank and Barclays swaps hitting new highs. What is driving investors to seek protection so widely?
BOAZ WEINSTEIN: Until two weeks ago, we had no bank default or bailout of consequence since Lehman Brothers, and now we’ve had four occur in rapid succession with a fifth hanging in the balance. No matter what they’ve thrown at each situation, it hasn’t helped any bank actually stabilize and has led to full capitulation. So it seems there’s plenty of uncertainly still to play out in the market.