Citigroup (Citibank) Might Implode; Citi is in big trouble.

If you watch economic and market websites there has been some interesting news lately out of Citigroup.

Check this out:


Here's what The Market Ticker has to say...


An economic blog's comments


Possible Credit Dislocation: Be Warned

It's bound to happen that one of these "To big to failers." Only a matter of time in my book. Now all we need is a rumor floating around that something big will happen (Leeman copy) and their stock will plummet so fast you can hear it scream.

Take note that MSM will not notice the start of this. They will clue in when the major signs are flashing neon bright in their faces, saying "CITIGROUP IS DEAD AND DYING!"
Probably around November 4th or 5th is when youll see this news hitting the MSM.

I see some banks, MAJOR banks, imploding in the near future.

This whole credit card fiasco has been an obvious and naked attempt to perpetrate further fraud. This makes me wonder what that second stimulus is for....Hmm, I wonder where the American People are right now?

Wow, again thank you Tentickles for your very imformative post . Your financial insite is a blessing for those like me that don't understand that mess.

star for yousa

Good I hope they go bankrupt. They should have gone under years ago. The pain that will be thrust upon the American people by companies like Citi going under NEEDS to happen. It should have happened last year but the stupid government bailed them out.

i hope they crash, though my debt has already been purchased by creditors, so i guess it doesnt matter does it ....

reply to post by Zosynspiracy

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Amen to that. And now, because the government didn't just let them fail last year, they're carrying a $300 Billion taxpayer guarantee on their bad loans. That's going to blow another hole in the treasury and probably sink the whole ship.

There is so much toxic crap floating around that is still very much being shuffled to the bottom of the too hard basket.

$1.4 quadrillion worth of unresolved derivatives, with a real value of probably near zero are floating somewhere in cyberspace - they belong to someone - and many of them are CDO's - so they can hit multiple targets with one explosion.

I would expect to see new institutions formed - and all the death and mayhem being shuffled into them while they can still claim they have nominal value - lies, lies and outrageous lies.

Something is going to blow up.

I'm one of the people who had their credit card account closed. It wasn't just a gas card, though it did have the Shell emblem on it along with Citi and Visa.

My balance was about 1/2 of my max and I had the account for almost 10 years, my oldest credit account so the closing of it will result in a drastic drop of my credit score.

I was in good standing with them, paid my bills on time for the past 10 years and was a "good customer"

My account was closed for no reason, and on 3 different calls I chatted with 3 different Account Managers and was told 3 different things. All sounded as if they were reading off a cue card.

I hope this company crashes and burns for this.

I will never do business with them again.

A few entries ago Mr. Denninger called for a boycott of these banks specifically because of this kind of chicanery. If people don't say something, DO something-this game will never end.

The Market Ticker Calls for Bank boycott

reply to post by XTexan

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Not only were they probably reading off a cue card they probably told your in a very forced accent their name was "Tom" but clearly they were in some other country. I mean that's what's hilarious. I know most of the customer service reps for many of these companies are located in foreign countries. Why they hell do they have them lie and give us an American name over the phone? LOL.

This is also interesting...

Banking websites everywhere closed for maintenance at the same time tonight...

Link

On the heals of Obama signing something that declares Swine Flu Emergency (Friday.)

Link

All very SpookY!!!

OMG!!!

reply to post by Zosynspiracy

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actually no, all the people I talked to were females and they all spoke very good English so I believe they were based here in the US, or at least somewhere in the west...

But yes, it was all cue cards.

I filed a complaint with the US Treasury, I doubt anything will be done though...

Lots of closings....yikes Check it out folks

XTexan....Im sorry that you got hosed. Hope it gets better for you and others in your situtation.

reply to post by XTexan

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I've been reading the same story on many websites. Not just Citi is doing this.

Yeah....and there are credit card companies sending out credit card offers with 79.9 percent interest rates! It's unbelievable what is going on. They take billions in taxpayer money and then send out that kind of garbage?

www.abovetopsecret.com...

[edit on 25-10-2009 by David9176]

Dude

You read too many financial websites and watch too much financial TV and quoting and referencing anything from the market ticker is character suicide.

good luck

This is what I don't get and perhaps someone can explain it.

Say you have a certain percentage of cardholders that are not delinquent, use the card regularly, carry a balance, but pay it off. At 12.99%, you are still earning money from them.

If you jack the interest rate up to 30%, those who are the most willing and able to pay interest will stop using your card. Those who remain are likely not good credit risks and your chance of earning any money is significantly reduced, even at the higher rates.

So why do it? Why do you drive off your best customers?

I wonder if the issue is that many people were encouraged to use their homes as ATMs -- in other words, run up your unsecured revolving debt and then turn it into a secured debt by using a HELOC to pay it off. Now, credit card companies are realizing that they are sitting on a massive amount of potentially worthless IOUs and they are panicking.

reply to post by venividivici

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So, too much research is a bad thing?

I'm not quite sure what you're saying, but KD at the Market Ticker is a hell of a researcher and often gets things right on the money. This guy is an advocate for the prosecution of fraud, rampant fraud, the permeates our system today. Are you saying that uncovering fraud and finding as many sources as possible to back up a theory is wrong? Should we just take the governments word for it then?

yea
too much of anything is a bad thing
step back and take a breath and look at the world around you
reading doom and gloom into everything is bad for you system
chill

Denninger is a wacko in my book.

I do my own research and certainly don't take the word of slanted ATS members.

THIS IS THE VOICE OF REASON

chill

enjoy life

Where are they? Have you seen the Tea Parties, Town Halls, and march on DC? THEY ARE PISSED!