Merrill Lynch (NYSE: MER) and Citigroup (NYSE: C) announced their 2Q results, which of course didn't come as a big surprise. Well, to some degree Citigroup did surprise. Both companies were powerless to tackle the current downturn in the global economy.

We've been talking about Lehman Brothers (NYSE: LEH) quite a lot lately. As the market conditions are getting worse, Lehman Brothers seems to be having more problems staying at a reasonable price level. Yesterday, Lehman's shares faced another slap.

Shares of New York Stock Exchange listed Friedman Billings and Ramsey (NYSE:FBR) have lost 22% of their value in less than 3 trading sessions. Countrywide (NYSE:CFC) and Thornburg Mortgage (NYSE:TMA) share prices are also underwater for the week.

I know that there are some really rude fraudsters out there just waiting for a chance to swindle you. But this really hit home when I heard that a stockbroker had deceived even his own grandmother. I just can imagine what a childhood he must have had if he now rips-off his own relative.