Barely a week after the third rescue of Citigroup Inc., U.S. officials are examining what fresh steps they might need to take to stabilize the bank if its problems mount, according to people familiar with the matter.
WSJ: U.S. Weighs Further Steps for Citi
Related:
Pandit Says Citigroup Having Best Quarter Since 2007
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March 11th, 2009 at 12:48 am
I’m sure they are marking their 800bn+ debt to market and calling that a gain… C is worth 0 (less actually) and when they shed enough businesses that FDIC can’t run, they will take it down. Today was a wicked short rally after Vikki saw WFC and BAC jawbone their stocks higher. The pref short had a lot of followers and Barney Frank didn’t help anyone with his impeding uptick rule idiocy.
March 11th, 2009 at 3:15 pm
I recently took a long position in Citi’s Global Sub Nt, at costs from mid to high 50’s. My rationale is: A) Reading the body language from our government, there is no way in hell that Citi will be allow to fail in the “near future”. With time, I could gamble on the news flow/sentiment swing in my favor. Hopefully with it will bring higher prices. B) In the event that a government assisted/sponsored restructuring is offered, there is a strong chance that 60s will be the initial offer (using the initial GMAC restructuring offer as a guide). This would pay off my speculation since my cost is in the 50’s.
What do you guys think?