It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

Citibank to hold emergency meetings

page: 1
0

log in

join
share:

posted on Nov, 2 2007 @ 03:42 PM
link   

Reuters
Citi to hold emergency board meeting: report
Friday November 2, 4:30 pm ET

NEW YORK (Reuters) - Citigroup Inc's board of directors is holding an emergency board meeting this weekend, Dow Jones reported on Friday.
The agenda for the meeting was not immediately clear, but the topic of write-downs may come up, the report said.

Michael Hanretta, a spokesman for Citi, declined to comment.

(Reporting by Dan Wilchins)

Please visit the link provided for the complete story.


biz.yahoo.com...

Some more bad news possibly, especially if there are write downs to be talked about. Even though the market was up, and maybe the credit threat was gone, this is really not something I wanted to hear, especialy from Citibank.



posted on Nov, 2 2007 @ 03:50 PM
link   
Things are not looking good for the US economy. I think its going to come crashing down really bad very soon myself. There have been indications for a while now.



posted on Nov, 2 2007 @ 04:03 PM
link   
Could someone post the amount of US debt held by Citibank? For an emergency meeting to take place, this is awful news for the economy of the US sooner then.... I got a slow wifi connection at (more often then not) certain times.



posted on Nov, 2 2007 @ 04:05 PM
link   
here we go, get ready people its coming..........

Pull your stocks and mutual funds............



posted on Nov, 2 2007 @ 04:12 PM
link   
Wouldnt it be great if the private bankers who run the world and finance the wars would suddenly find themselfs bankrupt? I would love that. Imagine it... their whole lifes have been about collecting money and profiting from misery. Then they lose it all and their money becomes worthless.

Ah... poetic justice.


[edit on 2-11-2007 by Copernicus]



posted on Nov, 2 2007 @ 04:29 PM
link   
Well the Fed won't let a bank like Citibank fail. The market might take a hit, but, it won't be like everyone thinks. Personally I'm more optimistic about the market, but that's just me. However, seeing Citibank come out with this, thats not a good sign. Well I looked up Citibank's financials on Yahoo.com, but they look ok, nothing out of the ordinary, except there annual cash flow statement, but that was in December of last year, and quarterly it looked ok. The SEC website is providing more info, if you want to look I used the 10-Q which is quarterly filed. The 10-K is for the year, but here is the link if y'all want to look it over: www.sec.gov...

As I look over it, I believe its the net income statement, there is a heading called Corporate/Other. The three months ended June 30 is a loss of $272 Million, however, for the six months ended June 30, the loss is $1.184 Billion. Are these the write off's? Possibly, I'm not sure though. For Revenues, a few pages down, they only lost $222 Million, this is also under the Corporate/Other heading.

This is what the Corporate/Other stands for:


CORPORATE/OTHER
Corporate/Other includes treasury results, the 2007 restructuring charges, unallocated corporate expenses, offsets to certain line-item reclassifications reported in the business segments (inter-segment eliminations), the results of discontinued operations and unallocated taxes.

Please visit the link provided for the complete story.



From the same link as above.

On page 25, there is a section about the detail of the credit loss. Please keep in mind though, this is for the last quarter. In the second quarter of this year, apparently this is just $37 million. The loan balance though still has a positive balance, however, that is subject to change if this meeting is indeed about more write off's. Page 27 shows derivatives, which for Market-to-Market activites incurred a loss of about $272 Million, however, they still had a positive number for net receivables.

Don't come to the conclusion that the market is crashing and that it's all gone to hell, I can't say that that is what's going to happen. Citibank, depending on what this meeting is about, should still come out alright, but that really depends on if they have to write off more loans, and if so, how much it effects their net income.



posted on Nov, 2 2007 @ 09:58 PM
link   
I'm less optimistic about the market, and I do believe anything connected with mortgages and SIV's is gonna come crashing dow any day now. However, I heard on CNBC the Fast Money guys (not so big a deal) and a Kuass (a very successfull bear) saying it was most likely to dump Prince the CEO. He's been hated for a while.



posted on Nov, 2 2007 @ 10:11 PM
link   
reply to post by ChrisJr03
 


What do you think about Citi's trickery in the SIV department? They don't have to disclose losses that are incurred there and they can move losses to there if needed. I don't think we will see the whole write off picture even if it's in the 12 billion range.



posted on Nov, 2 2007 @ 10:13 PM
link   
I read this all over the place about 2 days ago. From what I understand Citibank and Morgan Stanley are about to eat dirt and I'm excited about it!



posted on Nov, 2 2007 @ 10:25 PM
link   
Jefwane wins the award!

Citibank CEO to Step Down



NEW YORK (Reuters) - Citigroup Inc (NYSE:C - News) Chief Executive Charles Prince plans to resign this weekend, the Wall Street Journal said, as the widening subprime mortgage crisis deals a final blow to a reign long under attack.

The largest U.S. bank by assets plans to hold an emergency board meeting on Sunday, at which Prince will step down, the newspaper said on Friday, citing people familiar with the situation.


And, a big financial firm failing is not a good thing, hate them or not. The losses would extend all over the place and far beyond the failed company itself.



posted on Nov, 2 2007 @ 10:31 PM
link   
Anyone consider the Leo Wanta settlement as a possible reason for the emergency meeting? I know most don't believe his claims, but if he is being truthful, then Citibank has some major problems ahead.

Most likely Prince is out.

As far as Citibank stock, I would not buy it until it trades under a new name and ticker.

As for the markets as a whole, the 1500 has been a real strong technical mark for the S&P. If it breaks through that convincingly then we will probably see 1450 again. If that holds I will get fully invested (80% now).



posted on Nov, 2 2007 @ 10:40 PM
link   
This is a bit cynical, but I have a hunch the rich will find a way to profit when the economy crashes in on the common people.

I really think the goal of a major crash is to break the US government so the republic of one person one vote can be replaced by a corporate system where the amount of shares of stocks determine the votes you get.

CEOs will run America in the open, not just behind the scenes like today.



posted on Nov, 2 2007 @ 10:56 PM
link   
reply to post by Redge777
 


That's kind of an interesting idea. Suppose everyone's vote was given a certain value each election cycle. Say for chuckles the minimum starting bid was $100.00. During the election cycle those who were hard up for cash to support their drug habits, or simply didn't care could sell their vote to the highest bidder. Moreover presume that all transactions, both buyer and seller were public knowledge.

Under a system like this, of course, the very rich could buy the government. The too stupid or drugged to care could dump their vote since they obviously wouldn't deserve to have a vote anyway. The intriguing part about this is that we would know exactly which special interests control our government, instead of it being a big secret. Though corrupt it would actually be more fair than our present system of shadow government operatives running our country into the ground through sneaky tactics and coercion.



posted on Nov, 3 2007 @ 01:02 AM
link   
Well, if they're moving funds around, that's really accounting, a field I despise. If its not illegal then I suppose they can do it. I could see it being a good way to do business to at least stay afloat until they can acquire the funds to fix it. I think if we see companies going down because of this, I would expect Congress to put inplace some type of law to prevent this. However, with that said, a whole lotta people are going to lose a lot of money before that happens.

For the pessimistic people out here, I know you have a good reason too be, but, if you're a smart investor, you won't get burned. For every stock I buy, I do an insane amount of research for it. I go to multiple sites, look up projections, look up income/balance sheets, cash flows statements and ask people in message boards about them. If you do your homework, you'll most likely be ok. Right now is a time I'd like to have excess cash to buy stocks. Think of it like Darwinism. Right now we're weeding out the bad stocks and leaving the good ones. Sure there will be a slure of companies that could go over, but that leaves the good ones. A company that comes to mind is Coca Cola. They're a good company, but the crunch will probably affect their stock price. This is the time to buy because its a solid company "on sale" because of the way the market is reacting to another stock; in others words, Coca Cola's stock fell through no fault of its own.

I think that even if Citibank has to write off $12 Billion, I think they would still come out ok. This is just something totally out there, not sure if most of you, or any of you have seen BriansPredictions.com, but I do remember him saying that Citibank would lose something like 50% of its stocks value. No, thats really out there and the guy is hit and miss, but I clearly remember him having that on there because it made me not buy Citibank stock. I knew their numbers where good, but for whatever reason, I bypassed them. Now if we find out that they'll be ok, they'd be a good company to invest in. But I guess it really depends on who the new CEO is, and that's if there is one.



posted on Nov, 3 2007 @ 05:49 AM
link   
reply to post by SevenThunders
 


The problem with the statement people being too dumb to care do not have a right to vote is what it leads to.

The people in power 'dumb' down the society to guard there control. A real society would offer the information and teaching in critical thinking that would allow more to participate, this goes counter to the interest of those in power.



posted on Nov, 5 2007 @ 05:37 PM
link   

Citigroup reports $134.8 billion in 'level 3' assets

Citigroup Inc. in a quarterly regulatory filing Monday said its so-called level 3 assets as of Sept. 30 were $134.84 billion. Level 3 assets are holdings that are so illiquid, or trade so infrequently, that they have no reliable price, so their valuations are based on management's best guess. The investment bank said its total liabilities related to level 3 assets at quarter-end were $40.36 billion, according to the Form 10-Q. Citigroup said it often hedges its level 3 positions. Link


Approximately 75% of Citi's current market cap in unobservable (guess-timate) level 3 inputs...subject to further writedowns...and doesn't include 80BB in off-balance-sheet SIV exposure


Not saying it's going to happen...they're big, some say too big to fail...but in the event of insolvency, who might be large enough to absorb Citigroup?

China's ICBC?



posted on Nov, 5 2007 @ 08:14 PM
link   
I was reading something on Yahoo Finance today talking about how Citi was the largest bank or something in the world till a Chinese bank overtook them. I have my doubts that Citi will fail completely, but as for having their value go from about $180 Bil to something way under $100 Bil. I would be absolutely stunned if they completely failed; that would have such a crippling effect not only on our markets, but the world markets too; I just couldn't see them folding. $40 Bil is quite a bit tied up to assets that aren't liquid. I thought the banking crisis during the 80's fixed a lot of these problems. I even took the class called "Money & Banking", I believe she said there where procedures in place so that a crisis didn't happen again; I believe this term was called, "Too big to fail", so I guess we'll see how it goes. However, as I look at Citi's stock price, now in the $35 range, the stock does look attractive, but then again, I would consider myself a risk taker.

I don't think Citi will be the only bank that has to do some major write offs. I believe Morgan Stanley just wrote off $8.4 Bil and they where off on that number by $3.5 or so. That's a lot of money to miss on, especially when that is your job as an accountant to figure that stuff out. I read today that was the most ever that a company has had to write off. I think Merrill Lynch is going to have to write off more than what they have. I think Merrell and Morgan are still "hiding" their write offs and thats not going to be good when the bill comes due.

The only bank I like right now is Bank of America. From what I've read, they don't seem to be effected by the credit crunch. However, it could come out that they were, but at the moment, I don't think that they've put themselves between a rock and a hard place. Bank of America did give $2 Bil to CountryWide, and they should have probably written off more than the $1.2 Bil that I read about. Maybe some of the $2 Bil BAC gave them went to pay that off, or maybe they're still "hiding" the losses. I don't understand how CountryWide went down so far in stock price when it appears that these banks are going to take the bigger hit.




top topics



 
0

log in

join