Citigroup won't go under. Not even close. Citibank loaned money to the US Government for the Civil War. Just because their stock is being devalued doesn't mean they don't have billions and billions of assets and billions and billions of revenue-generating units.
I used to work for their credit card unit. People are still charging on their cards. Citigroup is still making billions of dollars in loans.
They were too stupid and too greedy and got caught up in the mortgage fiasco and their CEO got canned. Boy was I ever happy!
:tongue2:
I used to work for their credit card unit. People are still charging on their cards. Citigroup is still making billions of dollars in loans.
They were too stupid and too greedy and got caught up in the mortgage fiasco and their CEO got canned. Boy was I ever happy!
:tongue2:
never know
bear stearns survived the great depression
LEH or WB next in line on the radar screen though....
as for CCs pretty easy for consumer to ditch out on their end of things.....if they are fine with having their ability to take out credit be extremely limited for many years to come
its not like a regular loan where the banks have alot of power to come after you and many institutions including GE trying to sell off their CC holdings right now
Did BS have the assets Citigroup has?
As far as CC go, creditors have credit reports and the large percentage of credit cards given out by companies such as Citigroup are not defaulted. We're not talking about subprime credit lendors here. But I think you knew that already. Why did you not bring that to the table?
You see, the whole problem with this mortgage crisis is one sector of one factor of the financial industry. That being subprime mortgage loans. The credit card industry is healthy. Even some sub-prime credit card issuers are doing quite well (read billions of profits here).
J6Ps economic standing is diminishing by the day very hard to analyze risk in the CC space in this environment
and things can turn very bad overnight
AXP for instance typically has higher end clients and seeing a major rise in delinquences
only ones really immune in this mess in the CC space are MA and V as they get money for swipes regardless and don't have to worry about the debt collecting
and things can turn very bad overnight
AXP for instance typically has higher end clients and seeing a major rise in delinquences
only ones really immune in this mess in the CC space are MA and V as they get money for swipes regardless and don't have to worry about the debt collecting
It's not very hard to analyze the risk in the CC space in this environment. These companies have decades of experience in this space. Yes, things can turn bad overnight but I was working in credit cards in the early 80's and Citibank survived that just fine. We're talking double-digit inflation and double-digit interest rates and double-digit unemployment at the time.
Citibank survived the Great Depression and today's environment pales in comparison.
C probably isn't going under i agree
but saying the CC space is healthy is beyond comedy
plus i think many don't really understand how messed up shit really is will take some time for the full story to reveal itself
this isn't something that's been building up over the past few years been building up for decades and decades
most of these banks really haven't a clue what they really have on the books
markets hate uncertainty yet these banks seem unwilling or unable to show what they really got
but saying the CC space is healthy is beyond comedy
plus i think many don't really understand how messed up shit really is will take some time for the full story to reveal itself
this isn't something that's been building up over the past few years been building up for decades and decades
most of these banks really haven't a clue what they really have on the books
markets hate uncertainty yet these banks seem unwilling or unable to show what they really got
If I have some extra cash available, Im thinking about possibly buying some C shares if (more like when) it falls into single digits. Will reevaluate the situation if/when the opportunity arises.
Of course its possible and it would be interesting seeing the reaction if C went
up, but Im not holding my breath waiting for that to occur. A guy I know that owns a watering hole I stopped at tonight bought me a few drinks and thanked me, since I talked him into selling his gm, ford, and dana shares several years ago.
As far as gm & f...one or both will file for bankruptcy, stock will go to pennies, the shares will be reissued with current common stock shareholders receiving pennies or 0.
Dana already filed for bankruptcy, former common shares went to 0 earlier this year. New shares that were reissued have already fallen more than 50%. Some people still dont get it.
Tiz, you arent going to convince guys like QL the economic sky is falling in America...regardless what happens, he just isnt going to believe it.
:grandmais
funny part is i'm looking to long GM when i think a near term bottom is near (but a short term play)
think the smart jews causing some near term capitulation in that particular issue
as for bankrupcy think too much pension and retirement shit involved for government to let them go up
especially with the commies....err....dems about to take full control of congress
think the smart jews causing some near term capitulation in that particular issue
as for bankrupcy think too much pension and retirement shit involved for government to let them go
upespecially with the commies....err....dems about to take full control of congress
I have gained and lost mind-numbing amounts of money in this stock. I remember when it was travellers and went from 47 to 58 one day in 1997. For better and now worse I have not bought or sold it since the late 80s when it was Primerica. Hoping for a miracle. Not so long ago it was 55$ a share. Unreal!
stocks that get hammered and are in top of news often have rallies.
not really my cup of tea regarding gm, but good luck if you take a shot with gm tiz.
let us know in the sell thread if you decide to take a shot with it.
some of the banks/brokerages arent going to survive.
will C be among the casualties? I have no way of knowing that, and like I posted before, Im not going to hold my breath thinking and waiting for C to go up. if they go, all hell really will have broken loose in the financial system.
will govt intervene? of course, as they have been doing for many years. will it work? maybe, but they cannot and will not be able to bail out every single broke company that should file bankruptcy.
however, Im also not going to think that C and other large banks/brokerages that many people today think are "too big to fail" are 100% safe from disappearing, for history proves otherwise.
what I do know is that some of the current banks will not survive this crisis.
countrywide has already been zapped 90% and all current shareholders are going to get are crumbs.
bear stearns has already walked the plank and washington mutual is standing in the on deck circle.
even 12 months and less ago many people would have thought any of these types of events to be impossible.
good night from the bunker.
:drink:
not really my cup of tea regarding gm, but good luck if you take a shot with gm tiz.
let us know in the sell thread if you decide to take a shot with it.
some of the banks/brokerages arent going to survive.
will C be among the casualties? I have no way of knowing that, and like I posted before, Im not going to hold my breath thinking and waiting for C to go
up. if they go, all hell really will have broken loose in the financial system.will govt intervene? of course, as they have been doing for many years. will it work? maybe, but they cannot and will not be able to bail out every single broke company that should file bankruptcy.
however, Im also not going to think that C and other large banks/brokerages that many people today think are "too big to fail" are 100% safe from disappearing, for history proves otherwise.
what I do know is that some of the current banks will not survive this crisis.
countrywide has already been zapped 90% and all current shareholders are going to get are crumbs.
bear stearns has already walked the plank and washington mutual is standing in the on deck circle.
even 12 months and less ago many people would have thought any of these types of events to be impossible.
good night from the bunker.
:drink:
d1g1t...as for bankrupcy think too much pension and retirement shit involved for government to let them go
Correctomundo.
The money spend on a bailout would be minor compared to the longer term healthcare and pension costs.
Aff the top of ma heid.
GM is the largest private healthcare provider in the country.
