From CNBC's Behind the Money:
New Credit Crisis? What This Bank's Stock Is Telling Markets
Shares of Credit Suisse fell below levels the multinational banking giant hit during the U.S. housing crisis, signaling an even deeper and broader credit crisis may be awaiting global markets, many investors said.
Credit Suisse [CS 17.97 -1.87 (-9.43%) ], the second-largest Swiss bank, with offices in 46 countries, plunged nearly 10 percent in U.S. trading Thursday to below the $18 level hit in 2008 and then again in 2009.
“Most market participants I talk to continue to underestimate the importance of the European banking system to global asset markets,” said Enis Taner, global macro editor at RiskReversal.com. “European bank balance sheets are more than twice the size of U.S. bank balance sheets and given that the current crisis in Europe is at its root a banking crisis, the situation is potentially more concerning than 2008.”...MORE