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Citi Shares Under $1 - End of an Era

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posted on Mar, 5 2009 @ 03:03 PM
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March 5 (Bloomberg) -- Citigroup Inc., once the world’s biggest bank by market value, dropped below $1 in New York trading for the first time as investors lose confidence the shares can recover after more than $37.5 billion in losses and a government rescue.

Citigroup fell to $1.03 at 12:32 p.m. on the New York Stock Exchange after reaching 97 cents earlier today, marking an 85 percent decline this year and giving the New York-based company a market value of $5.5 billion. At its peak in late 2006, Citigroup stock was worth $55.70, for a market value of $277.2 billion.


The significance? .. at these prices citi can gain 100% and not move the markets in any extraordinary way.. just a few weeks ago, investors where worried that Citi would trade under $5 a share, and urged a reverse split to bring the value up. They didn't, took all kinds of .Gov help, and now we see the walking dead that is Citi.

Shares have no value, hedge funds no longer buy her stocks, completely insolvent save for federally infused capital.. desperately clinging to life, they are starting an aggressive add campaign to get us to look past their.. er.. faults..

Citi .. Citibank.. Citi Financial .. Citi Mortgage.. did every thing you can think .. mortgages, investments, banking, credit cards, massive CDS obligations.. and they where not the only ones. Other companies like AIG did everything from life insurance, insurance on skydivers, to leasing private jets..

These companies consolidated other companies to become the wal-marts of the financial world.. everything under one roof. Now, every single "buy it all here" company is leading the financial melt down.

I think we might soon see the day where a bank is a bank, and nothing more.. if only the Government allowed a free Capitalist market anyways..

You see, someone once told me the Government where Narcissist, they are keeping these institutions alive for no apparent reason.. their business plans have failed, they are left with the skeletons of what they once where.. any sane investor has already fled for the hills.. Only the Government is ignorant enough to invest in companies like Citi..

They are abominations.. and I believe eventually, despite the Fascists in the White House, these companies WILL fail. Because they have to, if we ever have any hopes of returning to "normal"..

Bloomberg




posted on Mar, 6 2009 @ 12:01 AM
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Originally posted by Rockpuck


You see, someone once told me the Government where Narcissist, they are keeping these institutions alive for no apparent reason.. their business plans have failed, they are left with the skeletons of what they once where.. any sane investor has already fled for the hills.. Only the Government is ignorant enough to invest in companies like Citi..


The big names still sound big to the traders, though:


Stocks tumbled 4 percent Thursday as investors were rattled by doubts about the survival of General Motors and Citigroup broke below $1.


I don't know know for how long would both companies be eligible to stay in the DJAI, but if they take a hike, they be out of sight of the traders' eyes.



posted on Mar, 12 2009 @ 06:59 AM
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. . . and how was your Greek vacation, Rockpuck?

www.google.com...



[edit on 3/12/2009 by stander]



posted on Mar, 13 2009 @ 03:07 AM
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Thanks Stander for insinuating I had something to do with that, no doubt I am now being tracked by the FBI.


There was a bank bombing in Oregon the month I moved here.. significant but it was on the local news one night and never on national news. It killed the police cpt and a bomb squad technician while they tried to diffuse it.

www.cnn.com...

hmm, it did make it to CNN it seems. Must have been the day I wasn't glued to the news. I think they kept it on a low key due to fear it would cause copy cat attacks.

[edit on 3/13/2009 by Rockpuck]



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