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Posted on 01/16/2009 7:22:26 AM PST by rabscuttle385
BY MATTHEW SALTMARSH AND ERIC DASH
Citigroup capped a devastating 2008 by announcing Friday that it would split into two entities and that it had posted an $8.29 billion loss for the fourth quarter.
Citigroup confirmed that it would divide, for management purposes, into two separate businesses — Citicorp and Citi Holdings.
“We are setting out a clear road map to restore profitability and enable us to focus on maximizing the value of Citi,” it said in a statement with the earnings.
Citigroup also issued a statement from its lead director, Richard D. Parsons, signaling that changes in its board were in the offing. Mr. Parsons, the former chairman of Time Warner, has been widely expected to become Citigroup’s next chairman.
Citigroup’s loss, which amounts to $1.72 a share, compares with a loss of $9.8 billion, or $1.99 a share, in the period a year earlier.
(Excerpt) Read more at nytimes.com ...
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Don’t worry!
the government will print more money out and we can look forward to HYPERINFLATION at YOUR expense!
These bail out will never end when people are not held accountable.
I worked there when John Reed was in charge. When Sandy came in, many will tell you that it was a totally different place to work.
Personally, I liked John Reed, a really nice guy.
I liked the John Reed jokes. Particularly those about the corporate jet, “Ladies and gentlemen, we are preparing to land, please return stewardesses to their upright position....”
And how does splitting it help solve their problems....?
You look a lot better (to investors) when you leave the profitable business on the main stage, and send the not-so-profitable to the office at the end of the third hallway.
Citi is run by a former college professor with no idea how to manage a major U.S. corporation. The only good thing he did was finally get rid of do-nothing Robert Rubin. The board is a bunch of former wash-outs, including Parsons (great job riding Time Warner into the ground) and Armstrong (ATT has never been the same). Pandit, now that he is back from his vacation to India, is just buying time...before Citi is nationalized. Citi is massively hemorraging billions of dollars every quarter, and Pandit is selling off the pieces that are actually profitable. So, regardless how he splits up the businesses, he just rearranging the deck chairs on the Titanic.
Yes, I guess if I were facing personal bankruptcy, I could split my holdings, let the bad expatpat go bankrupt while the good expatpat goes on happily into the sunset with a good credit rating.
You have no idea what you are talking about.
Citibank is not "funding" the new stadium. They are paying a very high fee to the Mets to put their name on the stadium as advertising.
You can argue whether or not that is a good business decision, but it certainly doesn't mean they are "funding" the stadium.
Probably just a confused Yankees fan, though that's redundant.
because they have some sense of tradition and Self Respect.
Something the Mets have never had.
BTW, how many different uniforms will the Mets use this year. if they try hard they may be able to get 162 different uniforms before the end of this years season. wow that would be an accomplishment for the Mets, wouldn't it?
Yeah, a "tradition" of building their new stadium with $1.3 billion in public bond financing, rather than sullying their new stadium with non-taxpayer money. That George, what an American hero.
I guess by not responding to my point about Citifield, you're acknowledging that you were incorrect in your posting and thanking me for correcting your ignorance. You're welcome.
BTW, how many different uniforms will the Mets use this year. if they try hard they may be able to get 162 different uniforms before the end of this years season. wow that would be an accomplishment for the Mets, wouldn't it?
That is just about the weirdest complaint I've ever read about a sports team. You have fashion-based rage? I guess you're a big fan of "Queer Eye for the Straight Guy" and other wardrobe programming. I hear Jeter is too.
Hopefully, the Mets will work harder to appeal to your sartorial senses in the future. They probably didn't even know they were offending you fashionistas.
I just caught up to the fact that citi is traded on the Pink OTC Market.
$4.25 today.
what a typical, jealous Mets fan.
good for you.
however, the financial supermarket idea still works — witness JPMorgan Chase
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