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When Bank of America announced that it was setting aside more than $13bn against future losses from bad loans, the three newscasts responded, each with a different angle. ABC had Dan Harris focus on the New York Stock Exchange, where the Dow Jones Industrial Average fell to 7841, down 289 points. Guess which trio of stocks led the averages south? BofA, Citigroup and American Express. CBS had Anthony Mason focus on the consumer, now obliged to pay higher interest rates and fees on credit cards to cover the looming losses. Guess which firms are most exposed to credit card losses? BofA, Citigroup and American Express. NBC anchor Brian Williams asked CNBC's David Faber about the outlook for the banks. "Loans that they have made in the past are going bad," Faber warned, "not just sub-prime mortgages anymore but mortgages of all types, credit card portfolios, commercial real estate and home equity loans." Faber failed to reel of a trio of most exposed names.
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