One of the most interesting history stories around the bourse has been the world expansion of CITIGROUP. First let’s have a look at a picture, see link… CHART NYSE: C v DJIA Index

With success and rapid expansion came accusations of CIA involvement and the usual stories of DRUGS and MONEY.

POST 9/11/2001 America went to WAR.

War is an expensive racket and one of the ways war gets paid for is to rob savings. Hence the poor return on U.S. GOV. BONDS.

This in turn has spawned a whole new industry. A veritable conga line of suck hole managers, promising better returns and yields…

CITIGROUP joined this party in the well documented SUB-PRIME (bundled mortgages) area.

The trouble is when the party stopped in the latter part of this year
CITIGROUP got caught holding a lot of its own shit!

CITIGROUP is struggling to rebuild its depleted capital base amid mounting mortgage-related losses and some costly acquisitions. It has had to go, cap in hand, to raise $7.5 billion in petro dollars.
The mandatory convertibles to equity it is selling to Abu Dhabi
pay a fixed coupon of 11 percent.

CITIGROUP has also agreed to sell two downtown Manhattan office buildings to SL Green Realty Corp. (NYSE:SLG PRC) for about $1.58 billion, according to this company.

Investors will now be eagerly awaiting THE FINAL WRITE DOWN.

DECLARATION: of interest null.