JTF.ORG Forum
General Category => General Discussion => Topic started by: Americanhero1 on March 05, 2009, 12:26:25 PM
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Shares of the embattled financial firm dip below $1 a share, as investors continue to have a dire outlook for the bank.
NEW YORK (CNNMoney.com) -- Citigroup logged another dismal milestone Thursday, as shares of the beleaguered bank slipped below $1 a share.
The move, which may have seemed unthinkable just months ago, came as the broader market fell once again toward new 12-year lows due to worries about the health of the banking sector and the broader economy.
Citigroup (C, Fortune 500) shares were hovering at about 99 cents in midday trading on the New York Stock Exchange, 12% lower than where they closed on Wednesday. It is the lowest level for the bank's stock since Citicorp and Travelers Group merged in 1998 to create Citigroup.
At its height, Citigroup stock traded around $57 a share. That was in December of 2006, just months before subprime mortgages began to become problems and the credit market unraveled.
But fears about Citigroup's exposure to soured mortgages and other consumer loans have sent shares plummeting this year, wiping out billions of dollars in shareholder value as a result.
The bank reported losses of nearly $28 billion last year and investors remain worried that the bank will continue to lose money as the economy weakens.
The stock lost more than half its value last month alone as speculation grew that the government would have to step in and effectively nationalize the company.
Last Friday, the government unveiled plans to convert a portion of its $45 billion stake in Citigroup into common shares, a move that could give taxpayers as much as a 36% stake in the bank.
Those efforts represented the latest government-led efforts aimed at propping up the ailing financial institution.
In October, the Treasury Department injected $25 billion into the company. Less than two months later, regulators intervened again with an additional $20 billion investment and an agreement to backstop some losses against more than $300 billion in Citigroup's troubled assets.
Since then, Citigroup has outlined plans to split the company into two businesses, effectively bringing an end to the company's "financial supermarket" model. Under the new arrangement, Citigroup would split itself into two units: Citicorp and Citi Holdings.
http://money.cnn.com/2009/03/05/news/companies/citigroup/index.htm?postversion=2009030511
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Yes.. .what is happening is... the stockholder's value is trivial and worthless... and the government's influence is nearly 100%.. because of their ownership, and their lending coercion.
Hence... Citigroup is NO LONGER with us... they are a government entity. Even though the stockholders hate this, it is what the directors wanted... which is WHY they supported Obama 5 - 1 and why they completely funded his inauguration.
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Don't forget CitiField
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Don't forget CitiField
Tax payers are paying for that. I drive past that field everyday and it makes me cringe.
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Wow,
My company is doing FANTASTIC today... As I look at it now we are up $1.07 (+7.11%) on the good news from our stockholder meeting yesterday. Two more analysts gave my company a buy recommendation.. Last week we were stuck at $12, now its $15.20... This just shows that hard work pays off and that digital video is still in demand.
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Wow,
My company is doing FANTASTIC today... As I look at it now we are up $1.07 (+7.11%) on the good news from our stockholder meeting yesterday. Two more analysts gave my company a buy recommendation.. Last week we were stuck at $12, now its $15.20... This just shows that hard work pays off and that digital video is still in demand.
Mazeltov Muman, that is good news to share. I am happy for you and may all the righteous people, Jews and Gentiles have good luck with their lives and businesses.
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Wow,
My company is doing FANTASTIC today... As I look at it now we are up $1.07 (+7.11%) on the good news from our stockholder meeting yesterday. Two more analysts gave my company a buy recommendation.. Last week we were stuck at $12, now its $15.20... This just shows that hard work pays off and that digital video is still in demand.
Well... I'm a bit depressed since my business has been his HARD!!! Its something on the side... but it was helping with my finances quite a bit. Also... My Dad is about to go out of business... he is doing everything he can to stay afloat... but its just too tough.
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Wow,
My company is doing FANTASTIC today... As I look at it now we are up $1.07 (+7.11%) on the good news from our stockholder meeting yesterday. Two more analysts gave my company a buy recommendation.. Last week we were stuck at $12, now its $15.20... This just shows that hard work pays off and that digital video is still in demand.
Mazeltov Muman, that is good news to share. I am happy for you and may all the righteous people, Jews and Gentiles have good luck with their lives and businesses.
Thank you... I just pray that the Ayin Hara stays away. After I made the post I thought that maybe others may become jealous and wish bad on me... It is good to hear that nobody is giving me the Evil Eye {Ayin Hara}.
I will be able to give more to Charity this Purim than I gave last year.