Excellent interview from Chris Whalen

You can check it out here.

First time I see him in interview and he is very clear on what needs to happen and the extent of the potential losses as Citigroup, Bank of America, Wells Fargo/Wachovia, and JP Morgan.

His idea of receivership "a la WaMu" sounds good and realistic. It is the first time I hear someone who is realistic about the situation, and offers a clear path. Of course it´s a painful path, inclduing for bond holders: this 50% haircut on Citigroup bond holders, that will raise some fear to the bond holders. But it´s this or the american taxpayers take the costs.