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Posted on 11/21/2008 6:39:32 PM PST by rabscuttle385
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 leadership or sell all or part of the company. Other options discussed included a public endorsement from the government or a new financial lifeline, people involved in the talks said.
The course of action, however, remained uncertain on Friday night, these people said, and other options may yet emerge.
But after a year of gaping losses and an accelerating decline in its stock price, Citigroup, which has $2 trillion in assets and operations in scores of countries, is running out of time, analysts said.
(Excerpt) Read more at nytimes.com ...
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So much bigger and potentially troublesome than WaMu. The latter being like a bad flu and the former more akin to a virus: a deadly one.
no, the wsj says c’s too big to fail.
$2 trillion.
worldwide recession becomes hysterical.
wsj expects gov’t deal.
si.
No worries. Robert Rubin the “genius” according to the DNC-MSM is the vice chairman and has it under control. He has been paid at least $20 million a year since he left the Clintoon Admin and will probably get a gig with Obie.
I also heard the Somali pirates were in discussions to make an investment in Citigroup
Yeah, talking to federal officials has shown to be a proved crisis avoider.... /s
Joe the Plumber is about to make an offer...
I just cut up my CitiBank credit card because they jacked up interest reates....is it my fault....?
Hey those pirates are rakin’ in the dough! Time to go “mainstream”!
A terrible bunch, Citi is! I had close doings with them back around 2000 - 2002 courtesy of a large telecom provider that I won’t mention here. Their customers didn’t like them....their employees didn’t like them. Citi didn’t like their customers or employees either. The only thing Citi liked was money....as ironic as it is. :-)
I hear Chapter 11 calling Citi’s name.
Like Frankie said....Relax, Don’t do it.
Once the most merciful Barack Fitzgerald Obama takes office, the NY Slimes will change their tone.
The sun will shine, the birds will sing. He’ll get all the credit for the consumer confidence going up.
In the meantime....
The beatings will continue until morale improves.
Tin Foil Hat?
Maybe.
But after Citi aquired and stopped the collapse of Wacovia , yet a few days later Paulson Goldman Sachs gave Wachovia to Wells Fargo, it was apparent that Citi was not sufficiently connected to them.
Here comes even more bailouts. just takes one and they all show up. Still would have been cheaper to take the first bailout cut it half and divide among American citizens only. these clowns either need to go chapter 7 or chapter 11 and stop the begging. I don’t think any of the usa is so against bankrupt companies anymore, we have been desenstized to it. While bankruptcy is something we accept even if begrudingly, I don’t know one person even among Democrats I know who believes in the these bailouts. And Congress has no business assessing bankruptcy plans or trying to do a bankruptcy without calling it that. They don’t know what they are doing by playing bankruptcy judge either. I don’t know one American who trusts them anymore with these bailouts.
The next time I get a phone call from Citibank wanting to know why my payment is a day late I am going to tell them that my account was paid in full they day the government used my tax $$ to bail out their sorry asses...
Citi holds the mortgage on my house. If it goes down do I get to stop paying?
If Citi tanks it’s gonna be bad. Two TRILLION Dollars. They already got 25 billion form us to sustain them and it wasn’t near enough. They are falling fast.
Good thing Obomus has such a lengthy resume and is well prepared to handle these types of crisis from day one.
Obama is gonna ask for a recount himself soon if this keep us.
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