I lost $200 in Vegas once. It kinda sucked.
Charlie Prince and the morons running Citigroup lost $20 billion (that they admit) this quarter, $70 billion in market cap in the past year, made decisions which led to tens of thousands of their employees being fired, and helped put the US in recession.
But hey, they also enriched themselves by millions and millions and millions along the way. Nicely done Charlie! Only in America. And watch C's stock go up today, as investors think "OK, now THIS has to be it"
Citi plans 'sizable' dividend cut, Journal reports - Bank to get cash infusion of at least $10 billion after $20 billion write-down
January 15, 2008
HP declares Tuesday, January 15, 2008 as "Citigroup Screws the Pooch" day
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23 comments:
Is that big brother?
face the FACTS bro! the US fed gov CANNOT let this bank go down NO MATTER WHAT! its just the way it is in the current environment.
But how could Citi possibily have know that people making 15K a year wouldn't pay back the loan on 600K house. . .(actually the case reported in the SF Chronicle was 13K on a 740 house, but. . .) housing only goes up, and internet companies didn't need to make a profit. . . .the sad part is that a few hands will be slapped in public (Angelo will get away with it. . he is probably in Cayman Islands already). . .and the American public will be screwed again for the new Resolution Trust to bail out banks, loan companies, might as well throw in GM and Ford to boot. . .just put it all on the national credit card, as the dollar sinks below the Indian Rupe. . .oh. . .sorry, the Mexican Peso and Indian Rupe are strong currencies now. . .hmmmm how about the Nigerian Wambat. . .there must be some weaker currency around??
The stock will go up because they'll blame everything on Prince and pinky swear that they're going to return to profitability for the next quarter.
I pulled 5 figures out of Citi today. After the teller handed me the cashiers check I wished her luck in her new job. It was a sincere remark, she has probably done her job well but now she may lose it because of the crooks in silk suits.
I have all the supplies I need for my anti-citi celebration:
A watermelon, a convective oven and a printout of the citigroup logo.
I don't think the market is quite convinced yet that this is bottom.
After earnings news, I think the next shoe, the big one, Option Arm defaults will start to drop on the market.
Then it gets ugly.
US Banks have been bankrupt for years. There is going to have to be a bankruptcy reorganization of the banking system. Start by writing off all the worthless derivatives.
We're still dancing!
I think its Chase that currently has an ad campaign featuring Queen’s “I want it all and I want it now” Big ticket items like flat screens are featured throughout the commercial.
Perhaps Citi needs some smart advertising like this to get back on track.
This morning I seem to be picturing Wyle E. Coyote falling off a cliff holding a sign that says "DOPES!!!"...
Maybe Citi needs different music in their commercials. Desperado by the Eagles might be more appropriate given the recent events.
the way it works, people like Prince have little incentive to do what's good for Citi and shareholders in the long term. I don't think we'll see anyone giving back their bonuses for their self serving decisions.
We're still playing pass the hot potato till the suckers wise up.
What?
Are we running out of Arab Sheiks?
I thought; we pay the Sheik at the pump,
then the Sheik turns around and buys the bank, now everyone should be happy.
Um, except maybe the guy at the pump.
What?
Are we running out of Arab Sheiks?
I thought; we pay the Sheik at the pump,
then the Sheik turns around and buys the bank, now everyone should be happy.
Um, except maybe the guy at the pump.
Is that Duncan Hunter?
LMFAO!
http://www.larouchepub.com/radio/archive_2008.html
dig that photo - what a blowhard
Hope you guys had fun with your experiment called the USA.
Watch the Arabs with no more oil buy the country and make you all debt slaves while the Chinese let you bleed.
It was a nice idea while it lasted.
Your masters, the Arabs or Chinese, will buy it cheap and make even more money out of the American sheep.
Enjoying your 8 years of Bush/Cheney and GOP? You better, since you voted for it, geniuses.
What these injections represent is a global effort to try to contain the effects of the blowout of the international financial system last year, in which trillions of dollars of nominal financial values vaporized, never to return. The losses have already occurred, and what is playing out now is merely the accounting for those losses on the balance sheets of the players. The banks are desperately trying to stretch out the reporting of these losses to buy themselves time, because to tell the truth would be to admit that they are hopelessly insolvent--what they are hiding is much worse than what they are admitting! As Lyndon LaRouche observed, "there is no bottom to this crisis." The system itself has died, and is taking the banking system with it.
I ALMOST BOUGHT IT LAST WEEK FOR THE 8 PERCENT DIVIDEND.....REMEMBERING THE LAST TIME JPMORGAN HIT A 8 PERCENT DIVIDEND WAS JUST BEFORE IT TRIPLED.....................AND WAS "TROUBLED"
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