Financial stocks led US equities to their worst day in more than a month on Tuesday after the Congressional Oversight Panel, which runs the US government’s TARP scheme, warned that the Treasury had not done enough to relieve banks of toxic assets. JPMorgan fell 3.4% while Citigroup lost 6.4%. CIT, the struggling lender, slid 19% after delaying its Q2 report. MBIA, the troubled bond insurer, fell nearly 13% after JPMorgan downgraded the company, warning it could be overwhelmed by losses from risky mortgage securities.

This entry was posted by Gwen Robinson on Wednesday, August 12th, 2009 at 5:01 and is filed under Capital markets. Tagged with CIT, citi, jpmorgan, MBIA. Edit this entry.