Citi to take $8 billion to $11 billion in additional writedowns

**BREAKING NEWS**

Charles Prince has resigned as Citi chairman and CEO. Robert Rubin to be named chairman. Sir Win Bischoff will be interim CEO. Citi to take $8 billion to $11 billion in additional writedowns.

 

Sell on rumors buy on news on Monday

 

Holy f$% they just hit one big iceberg.......to the bottom she goes.

 

So what? How is this affecting the Economy?

I think there is no effect because no money was destroyed but just changed hands, from the banks to home buyers and then became salaries of construction workers and revenue of building materials.

Because some stupid bankers made wrong risk decisions that does not mean there is problem for the Economy. However, the media is getting paid by big funds to create a panic so stock prices go down a lot, weak hands are shaken out and they buy shares at low-low prices once more.

Ron

 

So what?

I think the OP feels it may be a trading opp. This is a trading site, right?

 

The last great buy on C was at about $8 per share.

You newpies have no frame of reference.

 

Yes - it does.

Think about the # of employees they are going to fire this quarter alone.

 

I do not think you understand what I wrote. Money went someplace, it was not destroyed. Wealth was transferred from the bankers to others.

Some will fire but some others will hire.

Have you looked at the latest employment numbers?

Ron

 

wow. why not write it down to $150B since it doesnt matter.

i have a movie rec' for you - "Clueless"

 

Americans are resourceful. Many will succeed with small businesses after becoming unemployed, others will change careers, besides, they are only the krappy low paying service sector jobs that everybody is always bitching about in the Bush economy