SAN FRANCISCO - The teenage hacker who managed to unlock the iPhone so that it can be used with cellular networks other than AT&T will be trading his reworked gadget for a new car.
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Layixter
How come Citigroup is now listed as failing?
Only recently I heard that Citigroup made attempts to acquire Wachovia bank, now I hear Citigroup is being bailed out by the government less than two months after. How is it possible for a bank which only recently considered itself strong enough to take over a failing bank now itself be considered as failing. Is it that people are trying to play with our brains here? Is this bail out packge being seen as getting back at uncle sam?
Citigroup wanted to buy Wachovia for $1/share. What shareholder is going to approve that. They wanted to buy Wachovia for their deposits. Citi is cash poor.
They only considered themselves strong enough if we the taxpayer were willing to finance the takeover bid when wells fargo stepped in with money citi folded like a deck of cards. There stock value went from $63.00 to $2.12 now they are again looking to the taxpayer to dig them out of their grave.
Net Advisor
Citibank was worth $49 billion on Dec 31, 2007 based on their net balance sheet.
http://finance.yahoo.com/q/bs?s=C&annual
On Friday, 11-21-2008, Citibank's common stock was worth about $20 billion.
The people who run this bank are about as idiotic for not being able to see that their own industry was falling apart. And the people who think they can transfer (all this bad bank debt) to the US taxpayer and that will somehow fix this mess are also in the idiot camp.
Only the US Gov could make a deal where you spend as much money to own an entire business and only ask for 7%, then guarantees $300 Billion of debt, and 90% of the future problems of the business.
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