The New Paradigm (Courtsey: Wall Street Journal)

1. Announce massive writedowns
2. ?
3. Profit
Citigroup Swings to Loss On Hefty Write-Downs [WSJ]
Citigroup's Results Propel Futures [WSJ]
Merrill Post Third Straight Quarterly Loss, To Cut 4000 Jobs [WSJ]
Great Expectations for Merrill CEO [WSJ]
JPMorgan Selling $6 Billion In Preferred Stock [WSJ]
Earnings Slump at J.P. Morgan, And Continued Stress Is Expected [WSJ]
J.P. Morgan, Intel Rally Markets [WSJ]