portfolio.com - 11/24/2008
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Brad DeLong and Prince Alwaleed both have theories on why Citigroup imploded as it did. Brad thinks its a combination of factors -- bad modelling of tail risks; bad modelling on the subject of house prices; an unprecedented spike in risk premiums -- all mixed up with the inherently ...
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 ...
bloomberg.com - 11/24/2008
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bloomberg.com —
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 ...
(more)
Citigroup’s ‘Capital’ Was All Casing, No Meat: Jonathan ...
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Recommended Reading on the Financial Crisis
EconLog: Library of Economics and Liberty —
Just for fun, Felix Salmon's take on Citicorp management. I would make a similar criticism of the Freddie Mac CEO during the 2003-2008 period. But from the larger systemic perspective, is bad management really an exogenous variable? Or is it inevitable in a bubble that bad managers will find their way to firms and, more importantly, that in a bubble bad managers will be given much more leeway to do dangerous things? Also, recommended by ...
The Fed Tries to Solve the Crisis Before Thanksgiving
Conglomerate —
... , and it isn't completely clear that that bank fell because of mistakes unique to it. Meanwhile, the "Geithner isn't up to it" crowd has reached ...
Tuesday links: money spent wisely
Abnormal Returns —
... Did you just miss the bottom? (Silicon Alley Insider)
Who’s to blame for the downfall of Citigroup (C)? (Market Movers)
The many misunderstandings surrounding Berkshire Hathaway (BRKA). (Clusterstock also Financial Crookery)
Is Google (GOOG) now a value stock? (Crossing Wall Street)
Ten year returns for the S&P 500 are ...
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Saudi Prince Is Humbled by Citigroup
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Plan Begins to Emerge to Rescue Citigroup
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Citigroup's Books Are Fiction —
The Big Money 11/24/2008
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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