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 ...
If you don't open the bill and make out a check that same day, chances are your payment won't get there in time.
I've counted as little as 8 days from the time I receive their bill, till the due date..
They're ticking off customers and don't give a darn.
sw
No you were wise.
VERY interesting article!
"EVERYTHING IS BROKEN"
“We ought to start a teaching-type effort about such things here on FR. Give ourselves a chance to get a good jump on tomorrow. For those of us who can discern, and profit from, new emerging opportunities, we’ll indeed be able to say, “It was the best of times, it was the worst of times...”
Very good point. I have the “surviving socialism” pinglist, I just need the articles. I’ll start looking around. If you have any in mind, please let me know.
I don’t like Citi either, but a very good friend of mine works for them, he’s 49 years old, has been there 20 years, he has to support his aging mother and daughter and he’s terrified about his job.
Pay ‘em online.
Prints out a timestamped receipt the minute the payment is accepted, and the actual electronic cash transfer could take as long as three days (If you make the payment late on a Friday and like driving on the stripes).
Only downsides are: Deleting all the spam email you get from them and the probable grade A pain in the butt if Citi goes tentoes and you have to reconfigure to a new system.
Last year I told my mom to sell her citicorp stock. She said no, they give good dividends. I told here if the stock’s at zero, you’re not getting any dividends. Sadly, things have played out in a worst case senario sort of way. I say let Citicorp fail. Enough of the bailout nonsense already. I’ll find a way to take care of my mom, the citicorp shareholders that alowed morons to run it had better not start complaining about anything. The reaped what they sowed.
Deflation and Liberty
>>There is absolutely no hope that the Federal Reserve or any other fiat money producer of the world will change their policies any time soon.<<
Why should they? Lose their power over the people? How many kings would step down from the throne?
Citi is a company of snarky jerks and their downfall is due entirely to greed and arrogance.
I don't want them to go under but I hope they're all scared there. It'll do them some good and they deserve to crap their pants for a while.
“Where do you get a cup of joe for $0.50???”
Come on-a my house my house, I’m gonna give you coffee...
Wall Drug, it’s just $.05 a cup.
I have a Spam filter..:)
sw
Never happen. Pirates have some moral standards.
....just curious, wonder if Pandit remembered to call Chris Cox and ask him how many of the naked shorts had ‘delivered’! Looks like another bear raid will succeed while the SEC whistles past the graveyard. Watch on Jan 20 as Obama ‘solves’ the problem by simply reinstating ‘failure to deliver’ penalties at the SEC!
That is an old Bank One trick.
“I’ve counted as little as 8 days from the time I receive their bill, till the due date.. They’re ticking off customers and don’t give a darn.”
Here’s a link to the credit union finder:
sw
Don't forget that they also own Primerica, the predators of the lower middle class in life insurance and mutual fund sales.
If you reread Breaking Down The Walls, you will see that Citigroup’s long-term strategic plan was to be the powerhouse in sub-prime lending, banking, mortgages, etc. They targeted the less knowledgeable and charged higher costs (i.e.-more expensive term insurance and higher annual fee mutual funds - they almost always sold B and C share mutual funds, when A shares are the cheapest if you followed their buy and hold strategy).
By the way, those Northwestern Mutual whole life policies they always trashed don't look so bad now, do they? 6.5% dividend this year, with no market risk.
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