Sherry

Sachs and the Citi

Hello! In a report released by the Treasury Department at the end of October the TARP recipients listed and payments made thus far (in billions) are: Citigroup, JP Morgan Chase, and Wells Fargo, $25 each; Bank of America, $15; Merrill Lynch, Morgan Stanley and Goldman Sachs $10 each; Bank of New York Mellon, $3; State Street of Boston, $2.

Why isn't anyone asking what Citi did with the money?????


On Nov 23 11:11 AM mik123 wrote:

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> Citigroup is only in this predicament because of Paulsons decision
> last week to abandon the whole purpose of TARP - to purchase troubled
> assets. When he made the announcement, he said some of the same original
> banks will now need additional injections. What is he waiting for.
> Citigroup, Bankamerica,JP Morgan, lost up to half their value with
> Citigroup being the worst. If you eliminate short selling, Citigroup
> would rally. What's happening is you have a huge amount of short
> selling and at the same time their buying cedit default swaps. Watch
> what happens to the stock if the SEC re-instates a ban on short selling
> on financials. Christopher Cox of the SEC has a conference call Monday
> regarging this. Citigroups financials are actually better than Bankamerica
> and JP Morgan since both purchased companies with very bad financials.
> These are the three largest financials in the United States. Once
> Citigroup gets through 2009, it will get back to earning 25 billion
> per year. You don't panic because profiteers are trying to destroy
> the stock so they can make a quick buck. Nothing has changed with
> Citigroups financials in the past month when the President of the
> United States, Fed chairman Bernacke, FDIC chairwoman Sheila Bair,
> Treasury secretary Paulson all agreed that Citigroup would takeover
> Wachovia.Go to the FDIC's website and read the Sept. 29th press release.
> They were obviously healthy enough then. Citigroups financials will
> begin to improve quickly with gas prices cut in half. Eighty percent
> of the country lives paycheck to paycheck. With your average couple
> paying $50 less per week in gas, that's $2,600 extra for mortgage
> and credit cards that wasn't there in August when it was still $4
> a gallon. Consumers only had this price break for the past 8 weeks.
> If the price of gas stays down, that's huge for themdicament because
> of Paulsons decision last week to abandon the whole purpose of TARP
> - to purchase troubled assets. When he made the announcement, he
> said some of the same original banks will now need additional injections.
> What is he waiting for. Citigroup, Bankamerica,JP Morgan, lost up
> to half their value with Citigroup being the worst. If you eliminate
> short selling, Citigroup would rally. What's happening is you have
> a huge amount of short selling and at the same time their buying
> cedit default swaps. Watch what happens to the stock if the SEC re-instates
> a ban on short selling on financials. Christopher Cox of the SEC
> has a conference call Monday regarging this. Citigroups financials
> are actually better than Bankamerica and JP Morgan since both purchased
> companies with very bad financials. These are the three largest financials
> in the United States. Once Citigroup gets through 2009, it will get
> back to earning 25 billion per year. You don't panic because profiteers
> are trying to destroy the stock so they can make a quick buck. Nothing
> has changed with Citigroups financials in the past month when the
> President of the United States, Fed chairman Bernacke, FDIC chairwoman
> Sheila Bair, Treasury secretary Paulson all agreed that Citigroup
> would takeover Wachovia.Go to the FDIC's website and read the Sept.
> 29th press release. They were obviously healthy enough then. Citigroups
> financials will begin to improve quickly with gas prices cut in half.
> Eighty percent of the country lives paycheck to paycheck. With your
> average couple paying $50 less per week in gas, that's $2,600 extra
> for mortgage and credit cards that wasn't there in August when it
> was still $4 a gallon. Consumers only had this price break for the
> past 8 weeks. If the price of gas stays down, that's huge for them