13 responses

  1. optionsdude
    May 14, 2011

    Awesome post and brutally honest. It bothers me that the banks got away with raping and pillaging the average American and rewarded the top brass. Financial war crimes if you ask me.

    • moneycone
      May 16, 2011

      Love that phrase ‘Financial war crimes’!

  2. DIY Investor
    May 14, 2011

    I agree and I like that you point out that they have been involved in every major scandal. Now if only I can figure out a way to reverse split my IRA.

    • moneycone
      May 16, 2011

      I don’t directly hold C, but I’m sure some MF or ETF I have is invested in Citi!

  3. Barb Friedberg
    May 15, 2011

    Before I read the line about the reverse split, I was going insane :). Now I feel better that I didn’t miss out on the best investment opportunity ever. I wish we gave the actual market a chance to work these economic problems out, but it probably would have caused a huge depression instead of just a recession.

    • moneycone
      May 16, 2011

      Barb, I’m for intervention and bailout, though unpopular, was needed. What I dislike is that no one was held accountable.

  4. Marlene@TermLifeInsurance.com
    May 15, 2011

    Great post…but it kind of ruined my day. How frustrating!

  5. Money Reasons
    May 15, 2011

    I’m not a fan business Citi nor their credit cards (see my article below about Breaking up).

    Prince Al-Waleed bin Talal actually helped bail out Citi too. It was complicated, with a few of the previous CEOs (especially Sandy Weill) going over to convince the prince not to pull all of his money out much earlier in the game when Citi was worth something.

    I was thinking of buying in where the company was low, but I couldn’t find any value in doing it. And now even though management is supposed to be better under Vikram Pandit, I still see no value in jumping in currently, perhaps in the future things will change. I takes a while to remove the bad elements without totally breaking the business. We’ll see, Vikram Pandit is suppose to be better, but we’ll see…

    • moneycone
      May 16, 2011

      Vikram Pandit is paying for the sins of his predecessors. Agreed. But rewarding bad behavior is not the way to go.

  6. Financial Success for Young Adults
    May 16, 2011

    I was not surprised to say the least when I found out that they were doing a reverse split.
    What a crock of bull. And I doubt that funds that wouldn’t invest before will jump at the chance just because the price is higher. The fundamentals stay the same. Nice write up

    • moneycone
      May 16, 2011

      The stock has gone further down since the split!

  7. Hunter
    May 16, 2011

    I didn’t know I had this in common with a Saudi Prince. Thanks for the insight.

    Funny story. We had Saudi neighbors for a couple of years. Their very conservative culture was worlds apart from ours: I’m a Mr. Mom, and my wife is a Navy officer.

    Anyway, we tried to be the best of neighbors to each other. We arranged dinner parties, but I was never able to be in the same company as his wife, that is offensive to their cultural values. So I would BBQ, and my kids would take the food next door to them. The fllowing night, they would cook, and their kids would bring it over to us….an that’s as close as we could get to a sit-down dinner party.

    Not entirely related to Citi, but I thought I would share.

  8. Buck Inspire
    May 16, 2011

    Yay I have something in common with a Prince? Way to set my hopes up MC! Seriously, great post. Thankful the bailouts saved the world’s financial butt, but how can they turn around and use the funds for parties, jets, and insane bonuses? Boggles the mind. Great point about a psych play and making them more attractive for funds who are only interested in stocks above five bucks.

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