Tuesday, January 15, 2008

10 Billion here, 10 Billion there, sooner or later it ads up to real money.

Citi Loses Almost $10B, Slashes Dividend
Tuesday January 15, 9:11 am ET
By Madlen Read, AP Business Writer

Citi Loses Almost $10B in 4Q, Slashes Dividend, Gets $12.5B Investment After Hefty Write-Downs

NEW YORK (AP) -- Citigroup Inc. lost almost $10 billion in last year's final three months, the largest quarterly deficit in the bank's 196-year history, and slashed its dividend as it recorded a mammoth write-down for bad bets on the mortgage industry.

The nation's largest bank wrote down the value of its portfolio by $18.1 billion. It also boosted loan-loss reserves by $4.1 billion, signaling further problems in its consumer businesses as deflated home prices, high energy and food costs, and rising unemployment weigh on people's ability to make their loan payments...

... Americans will continue to watch American Idol completely oblivious to the fact that the economy is headed towards a 1929 style crash and depression. Wake up America, this is a frigging disaster and it's starting to get downright scary!


Gray said...

"10 Billion here, 10 Billion there, sooner or later it ads up to real money."


Yo, these aren't peanuts anymore, these are some pretty big coconuts!

Chris said...

I am glad you got a laugh :)

Thanks for reading my blog and leaving a comment! I wish more readers would do the same.


WINGS said...

Prepare to get shorn like a sheep.

It's outrageous. I'm Pissed!

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