Citigroup, Can They Hold It Together?
November 21st 2008 19:02
Election day, 2008, Citigroup (C) traded at $14.81. Then it started to slide and currently it is trading at $3.81. (See chart) If C closes at this price, it will be down some 60% in one week! The WSJ reports that top executives are considering the dale of thebank.
Mish Shedlock disagrees.
Add Citigroup (C) to your list of troubled companies along with JP Morgan (JPM) and Goldman Sachs (GS).
The debate within the company is at a "preliminary stage," and officials said the company has "ample capital, funding and strategic direction," the daily said.
Looking ahead, foreclosures, credit card defaults, and bankruptcies are going to soar along with a soaring unemployment rate. Banks in general, and citigroup specifically, are woefully undercapitalized and unprepared for what is about to happen. One look at a chart of Citigroup should be proof enough.
The market seems to believe Citigroup is insolvent and so do I.
The market seems to believe Citigroup is insolvent and so do I.
Add Citigroup (C) to your list of troubled companies along with JP Morgan (JPM) and Goldman Sachs (GS).
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