Anyone have any insider information on the possible writedown we can expect to hear tomorrow from Citi? Is there a high likelihood of > $10bln? If it is >$10bln what can we expect to see in the markets? When was the last time we've had a suspected multi-billion dollar writedown?
According to the wall street Journal. Jan. 14, 2008 Citigroup is expected to announce a sizable dividend cut, cash infusion of at least $10 billion and write-down of as much as $20 billion in mortgage-related investments as part of its fourth-quarter earnings report, people familiar with the plans said.
level 3 paper has no bid so why not guess... there have been a few small sales of the stuff that made the news but who knows Citi has to panhandle around the globe looking for money to stay afloat.... something that the press cant seem to get its brain around....
Kind of scary. I'm watching the new Terminator show on TV. They keep listing important dates when things really changed. This situation with Citi and the rest is Biblical. This is likely another step to 666. NostaRennmus out
The stock is a buy on almost any news as these have been so beaten up over the past few months they are due a strong reaction to the upside. Another way of looking at is why would you sell unless they are going into bankrupcy (which they wont) so the only short term way is up.
So, it's fair to say a $10-20bln writedown is to be expected. Rennick-- How is that series? (Back on topic now) Yeah, it could trigger a nasty freefall ahead of the other financial #'s reportings. I'm just curious how Citigroup is going to pay those high interest rates on the foreign capital...