wolverine Posted January 16, 2009 Share Posted January 16, 2009 In reply to: plastic on Friday 16/01/09 04:17pm i am trying to understand your reasoning for all 4 banks to collapse. stating that Citi is about to write off $600m (a round of drinks) hasn't got me over the line. WBC having to merge (where did that come from, what is the catalyst requiring this?) i can be convinced but i'd like a little more if you can provide it. Link to comment Share on other sites More sharing options...
plastic Posted January 16, 2009 Author Share Posted January 16, 2009 In reply to: wolverine on Friday 16/01/09 06:22pm Chinese whispers over summer Mai Tais. It wasn't all four banks collapsing but there is a lot more to come before it is over. 2008 was an entree. Link to comment Share on other sites More sharing options...
wolverine Posted January 16, 2009 Share Posted January 16, 2009 In reply to: plastic on Friday 16/01/09 04:25pm chinese whispers with whom? Link to comment Share on other sites More sharing options...
plastic Posted January 16, 2009 Author Share Posted January 16, 2009 In reply to: wolverine on Friday 16/01/09 06:27pm The guy on the other side of the table and the one to the right of me and his wife. http://www.sharescene.com/html/emoticons/biggrin.gif Link to comment Share on other sites More sharing options...
wolverine Posted January 16, 2009 Share Posted January 16, 2009 QUOTE (plastic @ Friday 16/01/09 04:28pm) unless it was glenn stevens, what credibility do they have? Link to comment Share on other sites More sharing options...
plastic Posted January 16, 2009 Author Share Posted January 16, 2009 In reply to: wolverine on Friday 16/01/09 06:34pm Bundles IMHO. http://www.sharescene.com/html/emoticons/graduated.gif Early March, the music stops. Grab a chair if you can. Link to comment Share on other sites More sharing options...
29101971 Posted January 16, 2009 Share Posted January 16, 2009 QUOTE (plastic @ Friday 16/01/09 04:25pm) Aren't Chinese whispers the one's that change every time they are passed on? One shouldn't rule out any possibility though at this point. Link to comment Share on other sites More sharing options...
macduffy Posted January 16, 2009 Share Posted January 16, 2009 QUOTE (plastic @ Friday 16/01/09 03:36pm) This wouldn't be the same source that had GPG rationalising the building materials/sugar/aluminium sectors via FBU, CSR, Maryborogh, Capral etc a few months ago, would it? http://www.sharescene.com/html/emoticons/biggrin.gif Link to comment Share on other sites More sharing options...
plastic Posted January 16, 2009 Author Share Posted January 16, 2009 QUOTE (macduffy @ Friday 16/01/09 07:05pm) Gotta get to the bottom of the cycle for that to happen. Ergo, banks have to fail first. http://www.sharescene.com/html/emoticons/tongue.gif And according to those media reports Tony Gibbs was clueless to when that will be. Link to comment Share on other sites More sharing options...
wolverine Posted January 16, 2009 Share Posted January 16, 2009 from Bloomberg http://www.bloomberg.com/apps/news?pid=206...id=aF0viS8ENwRk QUOTE Jan. 16 (Bloomberg) -- Citigroup Inc. posted an $8.29 billion loss, twice as much as analysts estimated, and said it will split in two under Chief Executive Officer Vikram PanditÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s plan to rebuild a capital base eroded by the credit crisis. Citigroup fell 3.3 percent in New York trading after tumbling 43 percent this year through yesterday. Pandit will undo the legacy of former CEO Sanford ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“SandyÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ Weill by creating Citicorp to house the New York-based companyÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s global bank, and Citi Holdings, for ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“non-coreÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ assets, including $301 billion of mortgages, bonds, corporate loans and other assets that the government agreed in November to guarantee. QUOTE Pandit said Citi Holdings will have about $850 billion in assets and the new Citicorp will have about $1.1 trillion. QUOTE Asset Writedowns It also included $1.06 billion of writedowns on structured investment vehicles that had to be assumed after they collapsed in late 2007, and $307 million on auction-rate preferred securities that Citigroup agreed to buy back from customers under a settlement with state regulators. Mitigating the writedowns was a $2 billion gain related to an accounting rule that lets companies mark their liabilities to market value. On the conference call today, Chief Financial Officer Gary Crittenden said that the value of the liabilities fell during the fourth quarter as CitigroupÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s bond prices fell. Link to comment Share on other sites More sharing options...
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