Despite their expensive newspaper ads insisting all is well, it turns out that Citigroup is in fact – wait for it – having problems! Now that the government is their biggest stakeholder with $45 billion in bailout funds, the company has basically abandoned its “lets become as big as we can” and has started selling its holdings.
I don’t mean to sensationalize this -http://www.iht.com/articles/2009/01/18/business/views19.1-409081.php. If I may attempt to make the distinction, the company is not breaking apart – it is shedding its more debt-ridden and unprofitable assets.
The good news: the panic seems to have subsided. Banks are starting to back away from their foolhardy debt holdings and taking responsibility for their spending fallacies. This gives me hope that we will start to see a cleanup of this financial mess.
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