The Financial Crisis: This Day—One Year Ago, Sept. 3
Andrew Bell from Rensburg Sheppards warns that bank stocks could be a "value trap" — as the market may not pump more capital into the financial sector.
False optimism wars with bad omens. Lehman Brothers gained 5 percent following news that Ospraie Fund, a commodities fund in which Lehman had a 20 percent stake, was closing and would return money to investors after incurring big losses in 2008. The dollar hit an 11-month high against the euro, as belief spread that the credit crunch tsunami would turn on Europe—and that the U.S. had already weathered the worst.