For now markets are not liking it, down...
For now markets are not liking it, down...
Ill assume today may be a down day.^^Hard to imagine shareholders being thrilled to see "nationalization lite" unfold before their eyes.
Also. I mentioned the FDIC earlier in the week and its inability to act as receiver should C go south. Here is the basis for that assertion
as of right now? Shares are off 40%
WOW and the low $1.15 with hi volume
Stupid is as stupid does. If you want to see what kind of economic depression all this regulation & outsourcing does- take a trip down the Eerie canal in western New York. Those people must be used to it by now, but all that's left of industry are boarded-up museums, downtowns with tons of empty space and the only thriving businesses are the open-air flea markets selling tourist trinkets made out-of-country, artwork and T-shirts. Not a new anything to be seen- nary a paint job. Wonder what they'll do when people no longer have money to travel....If Obama succeeds in his quest to reduce carbon emissions by 83% by 2050, American business will be destroyed. Manufacturing in the US will essentially disappear to countries that do not have anti-business, anti-growth policies, mostly in the Far East.
I walked away thinking that could be America's future across the board because we are stuck on environmental-stupid and a lawyer's spoiled rotten view of the world.
Last edited by AeroSim; 02-27-2009 at 09:29 AM.
More bad news:
http://business.timesonline.co.uk/to...cle5815931.eceUS recession deepens on shock GDP decline
By Grainne Gilmore
The US economy shrank at the fastest rate since 1982 in the final three months of last year, far worse than the US Government had initially estimated.
Gross Domestic Product (GDP) fell at an annual rate of 6.2 per cent between October and December, above initial estimates of a 3.8 per cent decline during the fourth quarter of 2008.
The world's largest economy was dragged deeper into recession due to a huge fall in global demand for its products, with exports tumbling at an annual rate of 23.6 per cent - the steepest decline since 1971 and more than the 19.7 per cent drop estimated last month.
I was sure we would see the DJI in the 6ooos today, but the day is young.
Just peeked at Citi-
1 hour in and they've already traded 600 million shares. How would you like to be on that floor wanting a cup of coffee....
Jeez- the DJIA and NASDAQ will have to trade hard to keep up....
Edit: Oh yeah- down 30%ish
Last edited by AeroSim; 02-27-2009 at 10:51 AM.
Max Plank: "A new scientific truth does not
triumph by convincing its opponents and making them
see the light,
but rather because its opponents eventually die"
Arthur Shopenhauer: "Every truth passes through three stages before it is recognized.
First, it is ridiculed. Second, it is opposed. Third, it is regarded as self evident."
"When the Nazis came for the communists,
I remained silent;I was not a communist.
When they locked up the social democrats,I remained silent;
I was not a social democrat.When they came for the trade unionists,I did not speak out;
I was not a trade unionist.When they came for the Jews,
I remained silent;I wasn't a Jew.When they came for me,
there was no one left to speak out."
Last edited by jimzinsocal; 02-27-2009 at 02:59 PM.
The US government agreed to boost its stake in Citigroup to as much as 36%, shoring up the bank's capital and taking on far more control of the ailing banking giant. The government will convert up to $25 billion in preferred shares to common stock in its third attempt to prop up Citigroup in the past five months.
Existing shareholders will see their ownership of the bank fall as low as 26 percent. The government stake is now close to 8 percent.
While the latest rescue does not inject more money into Citigroup, it gives the government more of a voting stake and far greater influence over the bank's operations, short of outright nationalization.
"The government is the new boss," said Mike Holland, the founder of money manager Holland & Co in New York. "Every major decision is something that is not going to come out of Park Avenue, but is going to come from Washington, D.C."
^^^ So do I pay my credit card balance to the US Government, or can I just send them some of my common stock? Maybe I should just ask for a bailout from the new owners.
You know this is insanity, right?
Citi has turned into a vacuum.
community organizers/government folks that basically hate
banks and have a bone the size of Montana up their asses around any business that operates at something > 0 profit
Market Cap update for C
Market Cap (mil):
27 million went away in the past hour. Government plan working like a charm.
Bank of America Shares show the wisdom of Federal Citi group move
Shareholders have confidence restored[rolleyes]
4.03-1.29 / -24.29% 3:15pm ET
Last edited by jimzinsocal; 02-27-2009 at 03:33 PM.