Friday, Nov 21, 2008
mounting losses from credit cards, mortgages and toxic debt could overwhelm its efforts
Reuters via SOTT: Citigroup stock drops to 13-year low, fear grows
Citigroup Inc faced a crisis of confidence on Wednesday as investors questioned the survival prospects of the U.S. banking giant, and its shares tumbled 23 percent to a 13-year low.
The second-largest U.S. bank by assets has been reeling on concerns that mounting losses from credit cards, mortgages and toxic debt could overwhelm its efforts to slash costs and add deposits. Last month, Wells Fargo & Co dealt a blow by derailing Citigroup's bid to buy Wachovia Corp.
and check here : http://www.marketoracle.co.uk/Article7366.html
Citigroup: If this is the day of reckoning, and this is the time to start confessing, I will be the first to volunteer. I can no longer stand here before you and refute the fact that Citigroup is effectively insolvent.
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
No comments have been submitted.
Be the first person to add your comment by completing the form below.