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 ...
So you think these big financial institutions would cut you any slack if your suddenly found yourself in a situation where maybe you couldn't meet your obligations to them? No, they'd cancel your card and raise your interest rates up to 30% and turn you in to the credit reporting agencies as a bad credit risk and destroy your life.
Back when I was in my twenties, I ran into some financial difficulties and couldn't make the full payment on my gasoline cards. I had one from Texaco and one from Chevron. Texaco worked with me until I got on my feet, but Chevron told me pound sand and turned me into the credit agencies when I couldn't make the payment in full.
I have never again bought a nickle's worth of gas at a Chevron station. I would rather walk five miles with a gas can to a Texaco station than to buy a nickle's worth of gas from Chevron.
BUMP
I personally will welcome our new pirate overlords.
I have a new credit card from Citibank. Maybe I won’t have to pay it off.
“Citi is a company of snarky jerks and their downfall is due entirely to greed and arrogance.”
Not sure how one makes such a comment about such a large group of folks.
I know lots of people that work/have worked there.
You do realize that there are hundreds of thousands of people employed and now over 50,000 will lose their jobs?
Isn't it delightful to watch how these elite business school wonder boys... the ones who are vastly smarter than anyone else in America (and vote Democrat in droves because they yearn for the aristocracy of Old Europe) have, in less than 20 years, destroyed our economy and our political system because they think they are just so much better than us local knuckle draggers?
Rubin, Schmoobin... wait until you see what the new Treasury Secretary has in store. Folks, the Treasury Secretary USED to protect the taxpayer's money. Now, the Treasury Secretary is the NATIONAL INVESTMENT BANKER! Here, to save the day with the same old tricks that have destroyed Wall Street and the economy.
We are in deep doodoo, folks. Buy gold and Swiss Francs.
You must have noticed?
I said "corporate culture", which is a generalization of a company's attitude as a whole: not a judgment of individuals.
And there's nothing wrong with wishing them ill: there are consequences for actions and while I feel bad for the genuinely good people who work there, any company that behaves the way Citi has, deserves what it gets.
Like misbehaved children, companies that treat their customers like dirt need to be spanked by the market now and again.
Citi is a company of snarky jerks and their downfall is due entirely to greed and arrogance.>>>>>>>>>>>>>>><p.
Thats also the word from my brokers in Montreal.
( repost , sorry)
Thats also the word from my brokers in Montreal.
I had the same problem at the same age with Mobil.
I’ve NEVER gone back.
The problem is that we’ve entered deflation and the totality of their loan portfolio is about to go into decline, meaning they’re undercollaterallized on every debt note they hold. All asset values are going to decline in this environment.
It’s the size of their loan portfolio, on sheet and off, that is tanking them first.
I dont think they can really be saved. The Gub already has them on complete life support, via the FED covering all their withdrawels for them in the form of auction facilities, but there reaches a point where the only money in the bank is the Gub’s because they’ve got no depositors left. There’s also a point where the Plunge Protection Team at Treasury owns all the stock. The price suggests we might be closer there than a lot of people think.
I think we’re entering the ‘try to mask a run’ phase, IMO.
or maybe I should stop reading Rense on Saturday Mornings.
The tax payer funded government pig is running out of tits—I think.
so long, Citi Field.
The tax payer funded government pig is running out of tits I think.
But, in the end, it is important to reward failure and bad behavior. Success and good behavior must be punished.
Can you tell me more about Primerica?
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