Dark Clouds over $hitibank

[marmar]

from the New York Times:


By ANDREW MARTIN and GRETCHEN MORGENSON
Published: October 31, 2009


OVER the past 80 years, the United States government has engineered not one, not two, not three, but at least four rescues of the institution now known as Citigroup. In previous instances, the bank came back from the crisis and prospered.

Will Citigroup rise again from its recent near-death experience?

The answer to that question concerns not only the 276,000 employees who work at what was once the world’s largest bank, but the nation’s taxpayers as well. Even as Citigroup’s stock has soared from a low of $1.02 to its current $4.09 — and the company has eked out a $101 million profit in the third quarter along the way — it’s still unclear whether it can climb out of the hole that its former leaders dug before and during the mortgage mania. If Citigroup remains stuck, taxpayers will be on the hook for outsize losses.

Citigroup remains a sprawling, complex enterprise, with 200 million customer accounts and operations in more than 100 countries. And when people talk about institutions that have grown so large and entwined in the economy that regulators have deemed them too big to be allowed to fail, Citigroup is the premier example. .........(more)

The complete piece is at: http://www.nytimes.com/2009/11/01/business/economy/01citi.html?_r=1&hpw

[SpiralHawk]

1. The putrid fruit of Republiconomics

Thanks a pantload, so-called 'conservative' Republicons...the flushing goes on and on and on...

[Wilms]

2. Well, someone has to say it.

Cough.





Robert Rubin

[CountAllVotes]

3. gee that 2.3 billion $ could have helped many

many people and many states that are hurting badly right now ... and it would have paid for health care for many of the American people for a very long time.

SCREW YOU SHITI BANK! :argh: :puke:

[MercutioATC]

5. $2.3 billion???

I think you're thinking of CIT (which went bankrupt yesterday). THEY got $2.3B from TARP.

Citi Group got $45B...plus the government guaranteed $300B of its "toxic" assets.

[HughMoran]

4. Is there any way to have them fail & make my mortgage go away in the process?

:evilgrin: