Indeed,news that China's government plans to rein in bank lending concerned investors Wednesday and Thursday, sending BHP's share price lower.
VOA: standard.2010.01.21
Banks were hit particularly hard, with the XLF dropping 1.7%, Citigroup 2.5% lower and Bank of America, prior to announcing a new management shakeup, fell 3.6%.
On February 28, I focused on the deteriorating technical outlook for these two banks, and Citigroup is now 5.9% lower while Bank of America has lost 4.4%.
His latest pronouncement concerned Justice Department laxity in persecuting bank fraud and how this must lower the value of bank equity because of public distrust.