calculatedrisk.blogspot.com - 11/23/2008
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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 giant's risky assets ... ... talks were ...
online.wsj.com - 11/23/2008
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online.wsj.com —
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 ...
(more)
Citigroup, U.S. in Talks to Create 'Bad Bank'
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 ...
online.wsj.com - 11/24/2008
Comments
Blog Reactions
Whoops! Back to TARP after all...
Marginal Revolution —
... Citi if there are losses and Citi would issue
preferred stock to the government. The government could buy more than
$100 billion in the bad assets if the plans go through. Here is more. Didn't Paulson tell us just a few days ago that TARP wasn't needed after all?
Doesn't this mean that Paulson should speak less frequently?
And yes, we do now have the Paulson plan and the Dodd plan all rolled into one. And as CalculatedRisk noted: Hey, I thought Citi WAS the bad bank!
Citi in Talks With US to Create "Bad Bank"; CNBC Now Reports That Gov'r is Cool
naked capitalism —
Well, this is starting to get the feel of a bad soap opera, which is not helpful to Citi (never a good sign when I leave my computer on a Sunday afternoon and find multiple news updates when I return. This may not be full crisis mode, but it is certainly not a good sign). It speaks of a badly organized process, which makes perfect sense, given the fact set. Citi has apparently gone from denying anything is amiss to talking with the government about assistance. That was predictable. But despite the fact that Citi clearly cannot be permitted to go under (not that we are there yet, mind you, but the longer Citi flails about, the more concerns start to ...
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 ...
WSJ Reports Citi and Government Approach New Agreement
economicdiscourse.com 2/27/2009 — The foreign markets and futures have already began to sell off on the news, they must not like this "new plan" and neither do we. Although these are preliminary reports, it looks as if the government's conversion from preferred stock to common could be limited by private investor interest (which ...
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 Reports Citi and Government Approach New Agreement
economicdiscourse.com 3/2/2009 — The foreign markets and futures have already began to sell off on the news, they must not like this "new plan" and neither do we. Although these are preliminary reports, it looks as if the government's conversion from preferred stock to common could be limited by private investor interest (which ...
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 11/24/2008
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 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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