Officials want to avoid a run on banks, similar to what happened to
California-based IndyMac, that is now salvaged by FDIC.
Ninety banks are on government watch list. Washington Mutual stock down to $4 a share. National City hits the skids as well.
Analysts expect more write downs from Citi and Merill.
The IndyMac failure and problems with Fannie and Freddie could
further darken the outlook for banks.
NEW YORK (CNNMoney.com) -- If this weekend's news about Fannie Mae
and Freddie Mac and Friday's IndyMac failure weren't scary enough,
now Wall Street will have to contend with what is likely to be dismal quarterly results from many top financial firms.
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