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Old 11-22-2008, 04:50 AM
 
Location: Los Angeles Area
3,306 posts, read 3,326,376 times
Reputation: 592

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Looks like Citigroup could collapse over the weekend (what a surprise...):

http://www.nytimes.com/2008/11/22/business/22citi.html


What are all those over paid bankers and investors going to do? Not only is the employment going to get decimated, but the jobs aren't going to pay as much as once you remove all the leverage you remove the high profits.
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Old 11-22-2008, 05:07 AM
 
12,870 posts, read 12,776,833 times
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citibank touched the saudis for a capital hit but with the price of oil tanking the princes wouldn't play. there will be a meeting this weekend between citibank and the treasury.
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Old 11-22-2008, 05:59 AM
 
Location: western East Roman Empire
6,112 posts, read 10,157,621 times
Reputation: 4850
Quote:
Originally Posted by Humanoid View Post
Looks like Citigroup could collapse over the weekend (what a surprise...):

http://www.nytimes.com/2008/11/22/business/22citi.html


What are all those over paid bankers and investors going to do? Not only is the employment going to get decimated, but the jobs aren't going to pay as much as once you remove all the leverage you remove the high profits.
We have too many golf courses. Convert them into fields and they can pick tomatoes and live in field-side shacks, owned by the Chinese, it's less risky than destroying value through the financing of inefficient housing occupied by American deadbeats.

They can use their mathematical skills to count tomatoes.

You think they'd miscount?
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Old 11-22-2008, 06:04 AM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,473 posts, read 13,417,482 times
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When you outsource to India....and your Indian CEO quits.... (cough, what?) ...you've probably got a problem.
Citi's India Group Loses CEO, Expects Layoffs - WSJ.com

Of course laying off 52,000 is probably a sign of a problem.
Citigroup to layoff 52,000 jobs by early 2009 - Express India

And losing 20 percent of your stock value in one day...yeah...problem.
Citigroup Shares Keep Sinking - BusinessWeek


And crap like this:

With the sharp stock-market decline for Citigroup rapidly becoming a full-blown crisis of confidence, the company’s executives on Friday entered into talks with federal officials about how to stabilize the struggling financial giant. In a series of tense meetings and telephone calls, the executives and officials weighed several options, including whether to replace Citigroup’s chief executive, Vikram S. Pandit, or sell all or part of the company.
Citigroup Shares Keep Sinking - BusinessWeek

I'd call 'em "toast", too.
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Old 11-22-2008, 06:07 AM
 
437 posts, read 661,741 times
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FloridaSandy says:

citibank touched the saudis for a capital hit but with the price of oil tanking the princes wouldn't play. there will be a meeting this weekend between citibank and the treasury.





That's very interesting Florida, what happens when The Peoples Republic of China does a similar thing to the U.S.
BTW, you are my hero.
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Old 11-22-2008, 07:25 AM
 
Location: Los Angeles Area
3,306 posts, read 3,326,376 times
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The problem is not just the banking division, its the entire company.

But any division that is worth something will be sold if the company collapses in some manner.
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Old 11-22-2008, 07:47 AM
 
Location: Hope, AR
1,505 posts, read 2,758,687 times
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Has anyone else noticed that these death watches always take place on a weekend? I guess that's to allow ample time for lots of posturing and intrigue on CNBC about whether the Fed, other companies, etc. are going to have an emergency closed door meeting.
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Old 11-22-2008, 10:11 AM
 
Location: Charlotte, NC
2,193 posts, read 4,449,628 times
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"Vikram S. Pandit, center, the chief executive of Citigroup, set up a companywide phone call to reassure anxious employees. "

I love how CEOs do this type of stuff. Wachovia's CEO did the same thing. He told everyone the company is fine and I think he even went on the Cramer show and said that. Of course a week later the company was bought out.

Last edited by sheenie2000; 11-22-2008 at 10:14 AM.. Reason: left out a word
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Old 11-22-2008, 10:12 AM
 
Location: Hope, AR
1,505 posts, read 2,758,687 times
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If we see Cramer saying that Citi is going to be ok, we'll know it's the end.

Quote:
Originally Posted by sheenie2000 View Post
"Vikram S. Pandit, center, the chief executive of Citigroup, set up a companywide phone call to reassure anxious employees. "

I love how CEOs do this type of stuff. Wachovia's CEO did the same thing. He told everyone the company is fine and I think even went on the Cramer show and said that. Of course a week later the company was bought out.
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Old 11-22-2008, 10:15 AM
 
Location: Charlotte, NC
2,193 posts, read 4,449,628 times
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Quote:
Originally Posted by Lulu101 View Post
If we see Cramer saying that Citi is going to be ok, we'll know it's the end.

Actually the CEO came on the show and said it himself.
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