Panic Selling Grips Bank Shares

Bank stocks were under siege Monday, for obvious reasons. On the off chance you haven't noticed, there's a mini-panic afoot in the US banking sector. Over the weekend, I suggested repeatedly that although the Fed and Treasury did what they could, it wouldn't prevent additional turmoil. And it didn't. Smaller banks were a veritable bloodbath. First Republic, Western Alliance and PacWest were trading like they'd already failed, for example. The Monday wipeouts illustrated above all constitute