Robert Burns

We Need to Make Banking Boring Again

Why is it that nobody but nobody just comes out and says that it's
the result of a morally corrupt society?

Wall Street Breakfast: Must-Know News

It is fact that Citigroup had been offered over $50 billion for their real estate owned properties that devaluate day by day, so can someone please tell me why they would hold onto what is obviously a distressed asset like this? That offer, by the way, was made about a year ago.
"Citi never sleeps" That's right, it isn't sleep it's a coma.

Expect Huge Writedowns for Merrill Lynch and Citigroup

It's plain to see that Citi can't deal with debt or deadwood and trying to sell their deadwood at 90 cents on the dollar will lead to a bigger writedown. How will they handle this debt? Why of course they'll buy a debt collection company and pay themselves. What's new?

3 Reasons Why the U.S. Will Avoid a Recession: I'm Skeptical

Only one way to see it and that is that a system that existed entirely on credit tried to exist by acquiring debt to grow larger. Guess what?
The bottom line is debt; that's all that was acquired and with no credit available to cover you don't get out of the hole you dug for yourself.

Credit Default Swaps: Next Leg of Crisis - Soros

At least India's Tata Group bought Jaguar before some Equity or hedge fund picked up GM and added Jag to their line of winners. All that was ever had to back these deals up was credit and they started building on debt. Nothing can be built on debt and they'll find this applies to their new found fortunes that have been made through fees. Just wait till their final fee comes due. They've got a year and a half.

John Reed on Citigroup: A Decade Long Disaster

For openers, does Citi or any other bank have all of their dead wood on their books? What did Citi do with all its sub prime, eat it or sell it to some 17th world economy? According to them they have absolutely no commercial properties in default and all of their SFR's in default are being sold at retail. I'd love to know how they value it. What happens when their prime mortgages start to default, more retail sales? Oh yeah the sale price is 70 to 80% of the unpaid balance. Obviously you're buying the mortgage because the house's value decreases day by day. To manage you must be able to think and I don't see any of that going on in their Real Estate division.

As for their other divisions, ever hear of that place called Wal Mart?
Now there's a supermarket with full shelves that people buy from.