Friday, February 27, 2009

Like a gambler in Vegas down to his last $5, we're doubling down on Citi...

So far we've kicked about $45 billion into Citibank and we're on the hook for another $300 billion in loan guarantees. The total value of Citibank is about $13 billion and falling. Like I posted last night we can reshuffle the pieces but the equity is practically worthless in these banks. Saving them at this point is well....pointless.

Unfortunately, Sec Geithner and Larry Summers are too proud to admit a mistake and after today's announcement there is no way we'll nationalize Citibank. So we'll keep trying to "save" Citibank with more money from you and me. GM and Chrysler have to really be steaming in Detroit.

Keep sending in those taxes, we're going to need to give it to Citibank.

" Citigroup and the Treasury Department announced a deal early Friday that will give the federal government control over up to 36% of the bank's common stock.

Citigroup shares tumbled 46% in premarket trading".

The "value" of our "investment in Citigroup might be wiped out by noon at this rate.


1 comment:

Lana said...

This city drive me crazy. I love Las Vegas.I went to Las Vegas for a gambling and it was awesome. I want to give an advice for travelers that want to spend some time for gambling. There are a lot of places where you should be.