woah citigroup

[solarbird]

Citigroup is trading at US97¢/share. Citigroup is now a penny stock. (Off its high of US$57.) Yow. And the Wall Street Journal is reporting that Moody's has downgraded Citigroup's SIVs. FDIC FRIDAY HERE WE COME!

Comments

[z111.livejournal.com]

FDIC friday means? Run on the banks?? Or..?

[solarbird]

The FDIC likes closing banks on Fridays because it gives them a weekend to come in and clean up. They can in theory close a bank on any day, but it's pretty much always on Fridays. C can't survive this - the situation was already stupid, now it's just ludicrous.

[silussa.livejournal.com]

Which raises the $64,000 question....what waves is a FDIC closure/seizure of Citi going to cause?

I'm not sure how many places Citi has a finger in, but it seems like an AWFUL lot.

[z111.livejournal.com]

p.s. is Citi what's makng the Dow tank or is it really spread across all 30?

[solarbird]

The DJIA is a relic. Check the S&P, the NASDAQ, the other, broader indices - everybody's suffering. Retail's down, except for Wal-mart, which is up. Tech is down. Mining is down. Manufacturing's very unhappy. Financials, of course, are a world of pain, but that's been true for months. GE is back to flat after an initial bounce, btw. It's a mess.

[z111.livejournal.com]

Well, the S&P is worse than the Dow, percentage wise.

[solarbird]

Eh, I still don't like how the DJIA is weighted, and the divergences ... okay, I haven't actually run these numbers, it's just impression, but it seems like the divervences have been getting weirder. But that's just fuzzy-headed bullshit on my part, so.

[xanath.livejournal.com]

To quote Atrios, Citigroup is going to "get eated." Thank God I convinced my brother to sell last year. :P And it looks like worries about GE might be deepening, but I don't have reliable sources to quote on that--besides your links from earlier in the week, that is.

[firni.livejournal.com]

Hm, that explains all the stupid "get a $5K loan from us to pay off your other debts!" junk mail from them, as well as the "oh hey we partnered with Myspace to offer you a Myspace Citibank credit card that REWARDS YOU FOR BEING A GOOD LITTLE DRONE!"

[hubbit.livejournal.com]

You realize that Citibank is selling for less per share than it costs to park at ANY parking meter in Chicago.


I'ma buy me a bank. Seeya laters.