Citigroup (NYSE: C) has more toxic assets than the landfills around the New Jersey Turnpike. Its balance sheet is a wreck, and its off-balance sheet assets of mostly unknown quality are up to $1.2 trillion.
The government is the largest shareholder in the company, and Citi will eventually have to break itself up, a process that began with the placement of its brokerage arm into a joint venture with Morgan Stanley (NYSE: MS).
True shareholder value: zero
Michael Shulman is a contributor to InvestorPlace.com.
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Reader Comments (Page 1 of 1)
3-14-2009 @ 3:17PM
Business Dude said...
This blog is recycled old news that is being spread for the to deman last week's rally. It has been dealt with appropriately in stories by real journalists, not armchair bloggers.
As Mad Money's Jim Cramer stated on Friday the 13th (in which he beat the above blogger to the punch and called out what nay-sayers would do before he did it), that is, watch for the Hedge Fund managers to demean the rally and the rise of Bank of America and Citicorp. This week's rally works against Hedge Fund managers. They have no choice but to speak negatively since its rally cuts into their profiting.
For other journalists on this subject, read Friday's commentary by Scot Rutt's in "The Street . com". He wrote on Cramer's remarks and the rally.
3-14-2009 @ 3:28PM
Businessdude said...
As a complete side note, notice that this same blogger also attacked Bank of America, just as Jim Cramer predicted. Just click his highlighted name and you will see his Bank of America blog too. Notice also the similar conspiracy theory, "ward of the state" and "government is the largest shareholder " for Citicorp.
3-14-2009 @ 5:35PM
bob schick said...
greedy lying bastard