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They say it only applies in Texas but, oopsie, the announcement went out on all their statements nationwide. A recent SEC proclamation does the same for money market accounts. Restricting demand deposits in a way that makes it unclear when people will have access to their funds – especially since they need daily access [...] The Internal Revenue Service on Friday issued an exception to longstanding tax rules for the benefit of Citigroup and the few other companies partially owned by the government. As a result, Citigroup will be allowed to retain $38 billion in tax breaks that otherwise would decline in value when the government sells its stake to [...] Mish details how the greedhead move by Citi (and other credit card companies, see the comments to the post) in raising credit card interest rates for many to 29.99% for no reason may be due to their deteriorating financial positions rather than their usual avarice and contempt for customers. Someone leaks a Citigroup memo from their CEO saying everything is fine, just fine. Market explodes upwards. Gosh, I’m sure no one bought the stock in advance of the leak. Because that would be wrong. Meanwhile, US prepares next Citigroup bailout, but says it’s just “contingency planning,” right. With the current stock market being 1) [...] GE says everything’s fine, just fine, thanks for asking, as the stock drops off a cliff. The problem is their finance unit, which threatens to turn the entire company into smoking rubble. Those bothersome auditors say GM is circling the drain, how thoughtful of them to awaken from their slumbers long enough to notice [...] Citigroup had its original birth with Sanford Weil buying degenerate, bottom-feeding subprime companies in the South that preyed on the poor and illiterate. Far as I can see, they’re still the same old girl they used to be. Now their management is begging Uncle Sam for more help while trying to maintain their power? [...] But wait, could a rescuer be coming? Somali pirates in discussions to acquire Citigroup (C) The pirates will finance part of the purchase by selling new Pirate Ransom Backed Securities. The PRBS’s are backed by the cash flows from future ransom payments from hijackings in the Gulf of Aden. Moody’s and S&P have already [...] It’s too bad that tens of thousands more will be losing their jobs at Citigroup. The stock is cratering and Citi will cease to exist soon and then be scavenged by vultures. Citi wasn’t just stung by subprime, they had their birth in subprime. Sandy Weil built the empire starting with some real stomach-turning [...] |  | ||||
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