F. J. Taylor

Citigroup Bottoming - Plus Some Free Advice for Meredith Whitney

Mr. Haskell's flippant attitude toward the cogent and absolutely on the mark comments by Buck This is uncalled for - and typical of some of the young, i.e.; the old know nothing.

Not only are Buck's comments correct, but Citigroup (and other financial entities incl. Merrill) have been largely kept afloat by massive cash infusions from Dubai, Abu Dhabi, the UAE, and others in the Gulf, to the tune of 20 billion plus. However, even with such major players, Citigroup will require more money to maintain itself in the face of impending future write-downs, some of which could equal or exceed the current amount.

What Mr. Haskell has obviously not yet learned is that life experience is a valuable tool in any trade. From his attitude, it appears that only that same life experience will cure him. As Franklin (the scientist and writer, not the bank, "mint", or fund) said; "Experience keeps a dear school but a fool will go to no other." Mr. Haskell would be well advised to be both less flippant and more attentive to gentlemen like Buck - otherwise, he will have to attend experience's school.

I would advise all to be exceedingly cautious re: buying Citigroup at any price - they are a disaster in waiting.