Bank of America downgraded its rating on Citigroup o neutral from buy, saying valuation is no longer a reason to recommend the stock. "Price-to-book becomes the focus given the lack of visibility on earnings. However, with confidence in Citi's book value eroding in light of recently disclosed balance sheet risks, we believe the stock could be range bound given current valuation of 3 times tangible book value," the brokerage said. Separately, CIBC analyst Meredith Whitney -- whose downgrade of Citi last week triggered a sharp drop in the stock and the retirement of CEO Charles Prince -- told the Daily Telegraph newspaper the only way forward is to carve the bank up and sell it off. "That's really the only thing they can do. They don't have the capital to manage it as an ongoing entity," she told the paper. http://www.marketwatch.com/news/sto...x?guid={83CA93BB-0479-4FE2-BA34-44A6E761937F} Carve up and sell it off ! Ha, ha, ha...
Here's a pic of Meredith early this morning right in front of her Manhattan office. It is unclear what the exact allegations are but rumors say that members of the PPT want to shut her mouth asap:
And Gisele Bundchen is supposed to sign a contract with CITI in order to promote currency exchange business....SuperModel: 'I won't get out of bed for US Dollars'...But for EUR she will !
The idea that "comedy is tragedy plus time" really describes many of the processes that we deal with in life. One of the reasons markets are so fascinating is because they mimic life. Many investors can tell you that experiencing investment losses on an emotional level is similar to the experience of grief. Time is an essential element in the healing process. Most good investors can recover their money and their emotional equilibrium if their time horizon for recovery is long enough. That is the challenge facing the credit markets today, particularly the mortgage and housing markets. In my view, housing prices are likely to rise again because the Federal Reserve will continue to lower interest rates and deal with the possible inflationary consequences later. But the housing recovery will be a slow and painful process and the pain is going to be widespread and drawn-out. The corporate credit markets are far healthier. Banks are not rushing to sell off the LBO loans that are burdening their balance sheets because they believe that loans of performing companies will pay them a great deal of interest before they are ultimately sold into less stressed markets. -Michael E. Lewitt, made at the The Bank Credit Analyst Conference
Since when do cheap shots from COMPETITORS mean anything? Do any of you guys actually watch... How professional bond traders value these securities with their money? I trade this paper every day... look at the yields: GM 10.1% MER 7.7% C 7.4% MS 7.3% ING 7.1% JPM 7.0% BAC 7.0% DB 7.0% GE 6.2% This stuff is not traded by your Grandma. Only GM paper is priced for a maybe 20-30% chance of bankrupcy. C paper is priced for roughly the same chance of bankrupcy as DB and ING. And big rally in C paper today... So the end of the world is NOT near.