Citi Group Insanity

[brahmburgers]

Its not all roses for them, Citibank are also laying off 52,000 staff worldwide.

if they did let Citibank go bankcrupt 15 years ago we would not have this problem today.

What they are doing is trowing good money to bad, and try to wake up a death corps.

I've mentioned failings of Citibank for many months here in Thaivisa. I posted things from the perspective of the little guy on the sidewalk trying to get some simple business things done, like;

>>> getting an ATM card replaced (it took 14 months, 28 phone calls), or

>>> wondering why there was no prior notice given (by Citibank) before an account with them was transferred to another bank - or

>>> why Citibank didn't give decent notice before doubling their ATM fees for withdrawals.

Anyone who has a business knows that the customer relations are as important as big biz decisions. Citibank has dropped the ball on little things and on big items (irresponsible loaning). Good riddance.

[BEENTHEREDONETHAT]

Very informative, good post Flying. I guess when your credit card is already maxed as the US credit card is a few more trillion don't really matter.

Thanks I really like the style of the guy who wrote it.

His crash course is excellent & I have turned on a bunch of friends to it

http://www.chrismartenson.com/crashcourse

Short easy to watch & so informative.

Flying........You are right that is very informative. Must say you have tobe prepared to spend some long hours watching it. But it was certainly worth the time and very inlightening. Well put together and easy to understand. A bit worrysome but it is good to have a feel as to what may happen and what you can do about it.

Converting the info to apply to LOS is a bit of a challenge. Thank you very much for the info, it is appreciated Flying.

Edited November 28, 2008 by BEENTHEREDONETHAT

[flying]

Very informative, good post Flying. I guess when your credit card is already maxed as the US credit card is a few more trillion don't really matter.

Thanks I really like the style of the guy who wrote it.

His crash course is excellent & I have turned on a bunch of friends to it

http://www.chrismartenson.com/crashcourse

Short easy to watch & so informative.

Flying........You are right that is very informative. Must say you have tobe prepared to spend some long hours watching it. But it was certainly worth the time and very inlightening. Well put together and easy to understand. A bit worrysome but it is good to have a feel as to what may happen and what you can do about it.

Converting the info to apply to LOS is a bit of a challenge. Thank you very much for the info, it is appreciated Flying.

Yes it is a bit of time but..........Well worth it like you said

It is well done & I have recommedned it to many folks.

Thanks

[lannarebirth]

December, 2008 (Bloomberg) — The Somali pirates, renegade Somalis known for hijacking ships for ransom in the Gulf of Aden, are negotiating a purchase of Citigroup.

The pirates would buy Citigroup with new debt and their existing cash stockpiles, earned from hijacking numerous ships, including most recently a $100 million Saudi Arabian oil tanker. The Somali pirates are offering up to $0.10 per share for Citigroup, pirate spokesman Sugule Ali said earlier today. The negotiations have entered the final stage, Ali said. ”You may not like our price, but we are not in the business of paying for things. Be happy we are in the mood to offer the shareholders anything,” said Ali.

The pirates will finance part of the purchase by selling new Pirate Ransom Backed Securities. The PRBS’s are backed by the cash flows from future ransom payments from hijackings in the Gulf of Aden. Moody’s and S&P have already issued a AAA investment grade rating for the PRBS’s.

Head pirate, Ubu Kalid Shandu, said “We need a bank so that we have a place to keep all of our ransom money. Thankfully, the dislocations in the capital markets have allowed us to purchase Citigroup at an attractive valuation and to take advantage of TARP capital to grow the business even faster.”

Shandu added, “We don’t call ourselves pirates. We are coast guards and this will just allow us to guard our coasts better.”

Bloomberg News 10:24 AM

CITI IN TALKS WITH SOMALI PIRATES FOR POSSIBLE CAPITAL INFUSION

WILL REQUIRE ALL CITI EMPLOYEES TO WEAR PATCH OVER ONE EYE

SOMALIAN PIRATES APPLY TO BECOME BANK TO ACCESS TARP

PAULSON: TARP PIRATE EQUITY IS AN “INVESTMENT”, WILL PAY OFF

KASHKARI SAYS “SOMALI PIRATES ARE ‘FUNDAMENTALLY SOUND’”

MOODY’S UPGRADE SOMALI PIRATES TO AAA

HUD SAYS SOMALI DHOW FORECLOSURE PROGRAM HAD “VERY LOW” PARTICPATION *

FED OFFICIALS: AGGRESSIVE EASING WOULD CUT SOMALI PIRATE RISK

FED AGREED TODAY TO TAKE “WHATEVER STEPS” NEEDED FOR SOMALI PIRATES