For now, it seems that the freefall that was known as Citigroup has slowed down and actually stabilized for awhile. The company whose stock price used to be around $55 a share back in 2006 is now hovering around $3.50 a share, but it’s been hovering around there for a [...]
Last August I wrote a post talking about this study that said 416 banks were in trouble. It seems that the news is much worse about six months later, as the prediction now is that 702 banks, which is one out of every 11 banks in the country, are in [...]
Once again, no one can be surprised by this move, after so much bad financial news and negative press. Citigroup and Bank of America got more bad news last week when their bond rating was downgraded from “stable” to “negative” by Standard & Poor. The initial outlook on both [...]
This was expected. Citigroup announced that they had lost around $1.6 billion in the 4th quarter of 2009, mainly from trying to pay off the federal government, and that ends up giving them a loss of $7.6 billion for the year.
That’s certainly not the best news for a banking system [...]
I know that some people believed I was sounding a very negative death knell against the credit card industry last year. I went fairly easy on American Express because, after all, it’s not associated with any banks and their practices, for the most part, have been pretty fair.
But for everyone [...]
For awhile there, I started to feel like I was the only one picking on Citigroup, and wondering what everyone else was missing. None of the news looked like it was either calling out Citigroup for some of what’s been going on, or were totally missing the point. I [...]
The Treasury Department today gave GMAC Financial Services another $3.79 billion dollars, bringing the total amount they’ve been given to more than $16 billion and, in effect, giving the government 56% ownership in the company. Who needs a quick loan?
Supposedly, this new money is to help shore GMAC up to [...]