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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.
Bob Steele sent an email to Wachovia employees the morning before the collapse to reassure them and remind their customers that they were well capitalized. That's fraud.
I didn't realize they had been around since the early 1800's or were considered one of the largest banks in the world. It's really a shame to see so many people possibly lose their jobs right before the holidays. Since they partnered with Shell Oil on the rewards deal....why doesn't Shell help bail them out or do a merge? (I know nothing about finances.)
Dispite the fact that I have become an anti-bailout activist of late. It is fairly obvious even to me that citigroup will be fine. It has been known for a long time that citigroup is in the catagory of to big to fail and the gov't will take whatever action is necessary for it not to go under.
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.
Yes, I've noticed. I guess they don't want the press leaking out all the bad news so they can keep shareholders hanging on for just one more weekend.
I love how these guys(CEO's) always say it's because of rumor mongering!! Actually it's because they ran their business into the ground due to poor risk management. Pandit hasn't been CEO at Citi that long so he can't take all the heat for it's position but just once I would like to see one of these clowns stand up and talk straight
6 months ago people were saying WaMu and Lehman Brothers were "too big to fail".... Nothing is too big to fail and that includes the US government.
The US government will do everything in its power to have an orderly collapse, but Citigroup can fail.
Citigroup is too big to be bought out by another bank. There is probably "silent" run going on as we speak by the large deposit holders. Like what happened with Wachovia. I see it being broken up, with the parts still worth something being carted away by the other banks. That's why the stock is falling. The shareholders will have worthless stocks after that.
What happens where there are no financial institutions left that are not in control of the feds?
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