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Citigroup, Under Siege, Holds Talks With U.S.
The New York Times ^ | 2008-11-22 | Andrew Ross Sorkin & Louise Story

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 ...


TOPICS: Breaking News; Business/Economy; Government; US: New York
KEYWORDS: bailout; bushbailout; bushsellout; citi; citigroup; economy; epicfail; failure; financialcrisis; govwatch; pandit; sellout; socialism; wallstreet
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The WaMu treatment?
1 posted on 11/21/2008 6:39:32 PM PST by rabscuttle385
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To: PAR35; TigerLikesRooster; bamahead; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; ...

The Money, Banking, and Financial Markets Ping List.

"Money, not morality, is the principle commerce of civilized nations."
—Thomas Jefferson

FR Keywords: moneylist, bankinglist, financelist

Please tag all relevant threads with the aforementioned keywords.

This can be a very high-volume ping list at times.

Ping list jointly pinged by rabscuttle385 and TigerLikesRooster.

To join the ping list:
FReepmail rabscuttle385 with the subject line add  moneylist.
(Stop getting pings by sending the subject line drop moneylist.)


2 posted on 11/21/2008 6:39:52 PM PST by rabscuttle385 ("If this be treason, then make the most of it!" --Patrick Henry)
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To: Uncle Ike; RSmithOpt; jiggyboy; 2banana; Travis McGee; OwenKellogg; 31R1O; Ken H; Gritty; ...
*Ping!*
3 posted on 11/21/2008 6:40:16 PM PST by rabscuttle385 ("If this be treason, then make the most of it!" --Patrick Henry)
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To: rabscuttle385

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.


4 posted on 11/21/2008 6:47:06 PM PST by romanesq
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To: rabscuttle385

no, the wsj says c’s too big to fail.

$2 trillion.

worldwide recession becomes hysterical.

wsj expects gov’t deal.

si.


5 posted on 11/21/2008 6:51:28 PM PST by ken21 (people die and you never hear from them again.)
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To: romanesq

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.


6 posted on 11/21/2008 6:52:59 PM PST by Frantzie
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To: rabscuttle385

I also heard the Somali pirates were in discussions to make an investment in Citigroup


7 posted on 11/21/2008 6:53:21 PM PST by underbyte
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To: 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.

Yeah, talking to federal officials has shown to be a proved crisis avoider.... /s

8 posted on 11/21/2008 7:06:48 PM PST by EGPWS (Trust in God, question everyone else)
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To: underbyte

Joe the Plumber is about to make an offer...


9 posted on 11/21/2008 7:14:29 PM PST by expatpat
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To: rabscuttle385

I just cut up my CitiBank credit card because they jacked up interest reates....is it my fault....?


10 posted on 11/21/2008 7:23:41 PM PST by spokeshave (0bambi wants to kill babies and raise taxes, Sarah wants to raise babies and kill taxes)
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To: underbyte

Hey those pirates are rakin’ in the dough! Time to go “mainstream”!


11 posted on 11/21/2008 7:32:44 PM PST by Rennes Templar (The Messiah and the Religion of Fleece)
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To: rabscuttle385

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. :-)


12 posted on 11/21/2008 7:34:39 PM PST by hiredhand (Understand the CRA and why we're facing economic collapse - see my about page.)
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To: rabscuttle385

I hear Chapter 11 calling Citi’s name.


13 posted on 11/21/2008 7:40:16 PM PST by monkeycard (There's no such thing as too much ammo.)
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To: rabscuttle385

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.


14 posted on 11/21/2008 7:48:20 PM PST by Eric Blair 2084 (Alcohol, Tobacco and Firearms shouldn't be a federal agency...it should be a convenience store.)
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To: rabscuttle385

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.


15 posted on 11/21/2008 7:53:32 PM PST by nkycincinnatikid
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To: rabscuttle385
Other options discussed included a public endorsement from the government...

THAT and fifty cents will get you a cup of coffee.
16 posted on 11/21/2008 8:12:25 PM PST by Deo volente (On January 20, 2009 America moves to DEFCON 2.)
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To: rabscuttle385

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.


17 posted on 11/21/2008 8:13:33 PM PST by volslover
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To: rabscuttle385

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...


18 posted on 11/21/2008 8:19:03 PM PST by Chickenhawk Warmonger (The Media Lied & Soldiers Died)
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To: rabscuttle385

Citi holds the mortgage on my house. If it goes down do I get to stop paying?


19 posted on 11/21/2008 8:24:06 PM PST by Lucas McCain
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To: rabscuttle385

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.


20 posted on 11/21/2008 8:30:11 PM PST by Munz (Infiltrate Interrogate Eradicate NEXT!)
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