Tax Reform in This Election Year: It's Not Likely
Which Credit Card Rewards Does the IRS Care About?
It is entirely possible that what I suggest is already happening, however, I will recommend it anyway. Citigroup (NYSE: C) should hire forensic auditors that report directly to the board to investigate how the bank got so far off course. The stock closed at $22.15 yesterday near its 52-week low and a far cry from its May high of $55.55.
Clearly, the board was not aware of the huge risks the bank was exposed to; investing in, and promoting very questionable 'securities' -- a misnomer if there ever was one, and doing so in multiple portfolios. It is by no means clear that the Board has any idea what remaining risks middle management may know about now, but is afraid to share.
It may also be the case that the board knew of the financial instruments, at least in general, but was not capable of evaluating the risk. I am being kind in not suggesting that the directors walk the plank, because if they were not completely asleep, they at least dozed off for a time.
Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He writes the columns Chasing Value and Serious Money.
Goldman Earnings Sink After Buffett Dividend
Johnson & Johnson's Income Falls 23%
Burberry Shares Leap on Sales Update
