Posted on 02/22/2009 5:41:43 PM PST by jimbo123
Citigroup Inc. is in talks with federal officials for the U.S. government to expand its ownership of the bank, according to a report in the online edition of the Wall Street Journal, citing people familiar with the situation. The report said that while the talks could still fall apart, discussions center on the government ending up with as much as 40% of Citigroup's common stock.
(Excerpt) Read more at marketwatch.com ...
Damn, beat me by 20 seconds
Citi is SOOOO screwed.
I think the ship is listing.... we’ll be sinking soon. Man the lifeboats. Women and children first.
Flashback:
‘PONZI SCHEME’ AT CITI
SUIT SLAMS RUBIN
http://www.nypost.com/seven/12042008/business/ponzi_scheme_at_citi_142511.htm
A new Citigroup scandal is engulfing Robert Rubin and his former disciple Chuck Prince for their roles in an alleged Ponzi-style scheme that’s now choking world banking.
Director Rubin and ousted CEO Prince - and their lieutenants over the past five years - are named in a federal lawsuit for an alleged complex cover-up of toxic securities that spread across the globe, wiping out trillions of dollars in their destructive paths.
Monday should be interesting. BoA and Citi were both pounded on Friday until The Big O said he didn’t think nationalization of banks was a good idea. Now here on Sunday, you’ve got one of them saying that de facto nationalization would be good for them. All those guys who made money in the last hour of trading on bank stocks last Friday better dump them on the opening bell.
Along with the market...
With hillary! begging the chinese to buy our bonds I think the end is near. At some point even the chinese are going to balk. And then what?? What will the dollar be worth in 6 months? I wish I knew. It’s possible it will still be strong but that will only be because the rest of the world will be worse! Talk about chaos!
China will buy US T bills in return the US cannot scream murder like the last time when China wanted to buy a US oil company. This time China may want to buy several US oil companies. Isn’t it lousy to be poor and broke??!!! China is manhandling us without the use of one PLA division, one PLAN ship or PLAAF plane.
On the other hand, china may soon be too broke to buy anything. Their markets a drying up and they depend on growth and lots of it. Wonder how it will all play out???
Why would anyone ever do business with a nationalized bank? If I were an individual or business with a relationship at Citi, I would immediately cut any and all ties if it were nationalized - even partially nationalized.
There are plenty of profitable, local privately owned banks to do business with.
Citi’s likely heading for under $1/share tomorrow. GE may follow by going under $9, if not lower.
If this happens i’m done with Citi bank.
I think we should run that one through FR again:
http://www.freerepublic.com/focus/f-news/2191689/posts
Look for a 500 point drop (minimum). The Obiwan has aslo announced his intention to allow the Bush tax cuts to expire, and then to increase taxes more. That'll be good for another 500 point drop (minimum). I think this is being done on purpose. We're being taken over.
If Citi has such a mess, what’s it doing sponsoring a Sprint Cup car in NASCAR?
I agree with you...down 500 minimum.
I’ve moved everything out of the market. I’m now in GNMA’s and tax exempts. Lost $40k in the last two weeks...can’t take it anymore. Maybe I’ll move back in later this year...
Nope, as a share holder, I'm so screwed!! Gawd, I hate those people!!!!!!!@!@@#$$%%#!!
sw
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