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Citibank should not be trying to acquire anyone. They are just desperate to shore up their very weak balance sheet. It shows.
Nov 16 19:32 pm
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All Comments by John_S »Citi Needs More Than an Executive Shuffle to Really Fix Things [View article]
The drop below $10/share has seriously impaired their Tier 1 capital ratio. Thanks to the TARP money it's not quite bad enough to demand a run for the exits, but things are only going to get worse from here for the stock market, the economy and ultimately for Citi's common equity.
Their Tier 1 capital ratio seems to be ensured to fall below 6% before the end of the year without additional capital injections from the Fed or a highly aggressive sovereign wealth fund.
The price action in the Citi common last week was terrible and is a harbinger of things to come.