jeez you guys...nothing to do with Obama.
The State Street story is whats made the DOW tumble. These guys (and Pimco) are effectively mini-FED's...they are running the US govt's commercial paper program.
c/o CNBC...
"State Street plunged 50 percent after the Boston-based bank reported rising unrealized losses in its commercial-paper program and investment portfolio along with lower fourth-quarter profit. State Street, the world's biggest institutional asset manager, said Tuesday net income shrunk to $65 million, or 15 cents per share, compared with $223 million, or 57 cents per share, a year earlier. Analysts had expected 58 cents a share."
the obama nosedive, page-8
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