“A new phase in the credit crunch, one of ‘$1 trillion losses,’ seems to be dawning. The crisis at Citigroup and renewed doubts about some of the world’s leading banks disquieted stock markets on both sides of the Atlantic yesterday, with the fractious mood set to continue.”
And Meredith Whitney, the analyst who broke the story of Citigroup’s financial difficulties and triggered the departure of Citigroup chairman and chief executive Charles “Chuck” Prince, has recommended that his successors break up the banking conglomerate. “That's really the only thing they can do,” said Ms. Whitney. “They don't have the capital to manage [Citigroup] as an ongoing entity.”
So there are a trillion dollars of losses yet to be booked? And a company the size of Citigroup does not have the capital to manage itself as an ongoing entity? And the prices for gold and oil are skyrocketing as the value of the dollar declines?
My advice is to protect yourselves, dear readers. There are wolves at the door.
And Meredith Whitney, the analyst who broke the story of Citigroup’s financial difficulties and triggered the departure of Citigroup chairman and chief executive Charles “Chuck” Prince, has recommended that his successors break up the banking conglomerate. “That's really the only thing they can do,” said Ms. Whitney. “They don't have the capital to manage [Citigroup] as an ongoing entity.”
So there are a trillion dollars of losses yet to be booked? And a company the size of Citigroup does not have the capital to manage itself as an ongoing entity? And the prices for gold and oil are skyrocketing as the value of the dollar declines?
My advice is to protect yourselves, dear readers. There are wolves at the door.
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