bloomberg.com - 11/24/2008
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Commentary by Jonathan Weil Nov. 24 (Bloomberg) -- Over and over, as its stock price plunged last week, Citigroup Inc. repeated the same tired line. Citigroup has “very strong capital,” the bank kept saying. Its capital was so strong that the New York-based lender yesterday was ironing out yet ...
economistsview.typepad.com - 11/24/2008
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economistsview.typepad.com —
It's bailout time. Let's start with Paul Kedrosky:
Good Bank, Bad Bank, and F---ed Bank : Apparently...
Citibank and the U.S. government (i.e., we taxpayers) have reached a deal whereby we will backstop something like $300-billion in screwed assets on ...
(more)
The Citigroup Bailout
bloomberg.com - 11/24/2008
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bloomberg.com —
Nov. 24 (Bloomberg) -- Citigroup Inc. , facing
the threat of a breakup or sale, received $306...
billion of U.S. government guarantees for troubled mortgages and toxic assets to stabilize the bank after its stock fell 60 percent last week. Citigroup ...
(more)
Citigroup Gets Guarantees on $306 Billion of Assets ...
federalreserve.gov - 11/24/2008
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federalreserve.gov —
Joint Statement by Treasury, Federal Reserve, and the
FDIC on Citigroup Washington , DC -- The U.S....
government is committed to supporting financial market stability, which is a prerequisite to restoring vigorous economic growth. In support of this ...
(more)
FRB: Press Release--Joint statement by Treasury, Federal ...
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A Tale of Two Paulsons
Manhattan Institute Articles —
RealClearMarkets Evening Edition Enough with the Fuzzy Math, Citi Edition - Jonathan Weil, Bloomberg TARP Wasn't The Bailout To End All Bailouts - D. Weidner, MarketWatch Is It Time To Start Nationalizing Ailing Banks? - Colin Barr, Fortune The Road To Salvation Runs Through China - Fareed Zakaria, WashPost Monster in Closet Is Recession, Not Deflation - John Berry, Bloomberg The World’s Central Banks Must Buy Assets - John Muellbauer, Fncl Times The Cornerstone of Capitalism Is Present Value - Hussman Funds The Sins of ...
WSF Headline Roundup - 11/24/08 - $700B stimulus plan?; Summer's role; Blind Citi saw no red flags; Barclays gets ok for $10.5B financing; Deutsche Bank strategy overhaul; GM plans to win U.S. aid; Gas prices slip; Jaguar wants state $; Ballmer laughing?
Wall Street Folly —
WSF Headline Roundup - 11/24/08 - $700B stimulus plan?; Summer's role; Blind Citi saw no red flags; Barclays gets ok for $10.5B financing; Deutsche Bank strategy overhaul; GM plans to win U.S. aid; Gas prices slip; Jaguar wants state $; Ballmer laughing? ...
Links: Derivatives, Energy, AIG, and Pirates
Paul Kedrosky's Infectious Greed —
Some links to a few items of interest: Derivative doldrums as speculators quit freight market (Lloydslist) Energy: The Past Must Not Be Prologue (MIT World) The causes of the crisis, and how to design a bailout that works (Bronte) Who Controls A.I.G.? (New York Times) Citigroup's funny numbers, or why it has no capital (Bloomberg) Fed has now pledged $7.4-trillion to support credit markets (Bloomberg) VCs pumping millions into Somali pirates (The Daily Mash)
...
Related Content
Citigroup
krugman.blogs.nytimes.com 11/24/2008 — Mark Thoma has the rundown of informed reactions. A bailout was necessary - but this bailout is an outrage: a lousy deal for the taxpayers, no accountability for management, and just to make things perfect, quite possibly inadequate, so that Citi will ...
Credit Risk Rises on Citigroup Breakup Speculation
globaleconomicanalysis.blogspot.com 11/21/2008 — I have been saying for over a year that Citigroup would not survive in one piece. That option is looking increasingly likely as the Citigroup Board Weigh Options . Citigroup Inc.'s board meets today to discuss the bank's options after Chief Executive ...
Citigroup - Somebody Please Say "Game Over"
informationarbitrage.com 1/14/2009 — From the Wall Street Journal Online : Until recently, Citigroup Chief Executive Vikram Pandit had
repeatedly backed the company's "universal bank" model. But with
directors and executives now bracing for a fourth-quarter operating
loss of at least ...
Citi on Its Way to Breakup?
nakedcapitalism.com 1/12/2009 — The Wall Street Journal tonight says, " Citigroup Takes First Step Toward Breakup ." But what does that mean, exactly? Or had the Journal gone a bit far with the notion that the bank is doing some way, way overdue housecleaning? The eye-popping bit ...
Citigroup Bailout Raises Viability Questions For Entire Banking System
globaleconomicanalysis.blogspot.com 11/25/2008 — Still more details are emerging from the weekend bailout of Citigroup . And in what is no surprise in this corner, it appears Citigroup is not well capitalized and Faces Pressure to Slim Down . The government rescue of Citigroup Inc. reversed the ...
WSJ: Citigroup, U.S. Near Agreement on Bad Assets
calculatedrisk.blogspot.com 11/23/2008 — UPDATE2: CNBC reports: Government Now Said To Have Cold Feet From the WSJ: Citigroup, U.S. in Talks to Create 'Bad Bank' Citigroup Inc. is nearing agreement with U.S. government officials to create a structure that would house some of the financial ...
Citigroup, U.S. in Talks to Create 'Bad Bank'
online.wsj.com 11/23/2008 — Inc. is nearing agreement with U.S. government officials to create a structure that would house some of the financial giant's risky assets, according to people familiar with the situation. While the discussions remain fluid and might not result in an ...
Plan Begins to Emerge to Rescue Citigroup
nytimes.com 11/23/2008 — Federal regulators were considering a new rescue for Citigroup on Sunday, a step that could mark a third leg of the government’s broader efforts to bolster the nation’s financial industry. >
Bailout Monday is Back —
The Big Money
Following round-the-clock weekend negotiations, the federal government late on Sunday agreed to bail out yet another bank, this time giving the troubled Citigroup a $20 billion lifeline in the form of a direct investment and guaranteeing $306 ...
Citigroup's Books Are Fiction —
The Big Money
Over and over, as its stock price plunged last week, Citigroup Inc. repeated the same tired line. Citigroup has “very strong capital,” the bank kept saying.
Its capital was so strong that the New York-based lender yesterday was ironing out yet ...
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