Citi's "earnings"...lol Nobody knows what they earn, and certainly not you! You say Jim Rogers gets paid to spew, but I'll believe him over you every day. Good luck with that long, and hope you have a stop. You definitely talk your book more than Rogers.
Just for you Boost, you knob! Here's an excerpted piece on Citibank from The Daily Reckoning Australia by Dan Denning in Melbourne. January 7, 2008. If you know anyone with money in Citibank you might consider sending them this for their perusal. They might want to reconsider whether their money should still be in Citibank. There are plenty of others around, at less risk, more than willing to have more money on their books. CITIBANK --Here's a story that's flown under the radar. Citibank is in serious trouble. You probably already knew that, given the fact the banks' been begging for billions from SWFs. But did you know that in late December Citibank quietly announced a restriction on wire transfers? The bank told customers that outgoing wire transfers from the banks accounts would be limited to just US$2k per day. Hmmn. --But wait. There's more. Last week, under the guise of responding to a wave of fraud from automated cash machines, Citi also announced a limit on cash withdrawls from its ATMs in New York City. And you thought the money in your bank account was yours. --There could be a perfectly reasonable explanation for all of this. But the simplest explanation is almost always the best. Citibank is in desperate need of its capital. The best way to keep your customers money is to prevent them from taking it out of the bank. It's a kind of low-level, mild-mannered capital control. --How has the Treasury managed the Citi crisis differently than the way the Bank of England managed Northern Rock? And what will the end result be for Citi? Stay tuned. --Here's the most nonsensical headline of the day: 'Banks face rates dilemma as oil price soars'. "Pressure is growing on the Bank of England for another cut in interest rates next week. Consumers face soaring petrol bills while their spending is being squeezed by higher mortgage payments and rising energy bills," writes Nick Goodway in the Evening Standard. --Lower interest rates are not going to bring oil prices down, we're pretty sure of that. But the writer notices the problem faced by consumers in the Western world. Energy prices are rising. Interest rates want to rise, increasing the cost of carrying a lot of debt (nearly as popular as oil in the West.) --The trouble is that the rising oil price is already a result of interest rates that were too low for long. Oil now has a fundamental economic momentum of its own. People everywhere want it. But it's harder to find. And so the price rises. Central bankers can't do much about that, and cutting rates won't make a lick of difference. --So 2008 begins much as 2007 ended. Investors are whistling past the proverbial grave yard, hoping that 10 years of credit-driven speculation in financial markets will go bust quietly, without any real economic consequences. Oil and gold prices tell us that there are already consequences.
The citi exposure to the crummy mortgage investing will come to the surface any day now. This stock will fall further and drag the markets down. The confession period is coming for co's holding these garbage investments. All these financial/mortgage/banks are going to have to fess up to their exposure and losses. It is going to be huge. Go short
I AGREE ABOUT GOING SHORT, BUT WATCH OUT NEXT WEEK I HAVE A CYCLE BUY ON CITI. it may only last for a week, but then sell . i know i wil. bgp