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September 11, 2011

For Banks, Unfortunate Echoes of 2008

“THREE years ago, financial stocks tumbled as worries about the health of the banking system grew. By Sept. 12, indexes of financial stocks were down 28 percent from the end of 2007 in both the United States and Europe. Then Lehman Brothers failed, and prices fell much more.  As the anniversary of that date approached, investors seemed to fear it might all happen again. By the end of this week, those same indexes were down about as much this year as they were at this point in 2008, and many bank stocks did even worse than they did in early 2008.”

Read the full story at The New York Times

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