Buy Citi tomorrow

[DavidS]

According to CNBC, the government is injecting $10-$20 billion in cash into Citibank. That should send Citi shares SOARING tomorrow.

Government to Make Equity Infusion into Citigroup - Stock Market * US * News * Story - CNBC.com

 

[dilloduck]

According to CNBC, the government is injecting $10-$20 billion in cash into Citibank. That should send Citi shares SOARING tomorrow.

Government to Make Equity Infusion into Citigroup - Stock Market * US * News * Story - CNBC.com

and all this corporate bailout is fine with Obama ?

 

[xsited1]

and all this corporate bailout is fine with Obama ?

Obama and his supporters can always blame Bush.

 

[DavidS]

Please don't bring politics into this thread. There are other threads to discuss that. This is about shares of citigroup and the speculation on how much it'll rise tomorrow.

 

[dilloduck]

Please don't bring politics into this thread. There are other threads to discuss that. This is about shares of citigroup and the speculation on how much it'll rise tomorrow.

Fuck the speculators. Short term shit only serves to detract from the larger problem.

 

[tigerbob]

Please don't bring politics into this thread. There are other threads to discuss that. This is about shares of citigroup and the speculation on how much it'll rise tomorrow.

There is money set aside in the TARP specifically for this purpose (I think it's $250bn), so it seems to me that a cash injection for a bank is an appropriate use of those funds. That said, I hope Citi use the funds appropriately.

Either way, I suspect you're right - people will make money on Citi tomorrow.

 

[DavidS]

Fuck the speculators. Short term shit only serves to detract from the larger problem.

Dude, nothing wrong with making a little bit of money. If I invest $10K in citi at $3.77, I get 2600+ shares. If the price rises to $10/share, I make nearly $20,000. Then I sell it at the end of the day and take my profit in.

 

[dilloduck]

Dude, nothing wrong with making a little bit of money. If I invest $10K in citi at $3.77, I get 2600+ shares. If the price rises to $10/share, I make nearly $20,000. Then I sell it at the end of the day and take my profit in.

Right---that's what all the CEOs and failing financial "wizards" are saying !!

Dude, nothing wrong with making a little bit of money

 

[tigerbob]

Right---that's what all the CEOs and failing financial "wizards" are saying !!

Are you arguing for the suspension of trading in Citi shares? It doesn't sound like you.

 

[dilloduck]

Are you arguing for the suspension of trading in Citi shares? It doesn't sound like you.

Apparently everyone loves to gamble on stocks. It's a great game for insiders. The problem is that we are already bailing out people who were basically nothing but gamblers who hoped they weren't stuck holding the "old maid" when the game was over.

 

[tigerbob]

Apparently everyone loves to gamble on stocks. It's a great game for insiders. The problem is that we are already bailing out people who were basically nothing but gamblers who hoped they weren't stuck holding the "old maid" when the game was over.

OK, I'm with you.

My wife perhaps unwisely decided to buy $1000 GM stock a few weeks ago - it's now worth half that at best. I shall tell her she's an Old Maid, and will be ready to duck.

 

[DavidS]

HOLY SHIT!

US to Guarantee Over $300 Billion in Citigroup Assets

 

[tigerbob]

HOLY SHIT!

US to Guarantee Over $300 Billion in Citigroup Assets

Oh for fuck's sake. OK, I take back my earlier "at any price" comment. That's why Asian stocks are up. Citi has got itself not so much a golden parachute as a golden trampoline. $300 bn is more than the entire figure set aside in the TARP for the financial sector. This could open the floodgates.

 

[DavidS]

Oh for fuck's sake. OK, I take back my earlier "at any price" comment. That's why Asian stocks are up. Citi has got itself not so much a golden parachute as a golden trampoline. $300 bn is more than the entire figure set aside in the TARP for the financial sector. This could open the floodgates.

Actually, TARP was supposed to be $700 billion. We've spent $350 billion, $25 of that $350 billion was given to citigroup earlier in the year. We've now given them $20 billion additional. The guaranteed debt is somehow being guaranteed by the FDIC. I'm not sure how that works.

 

[tigerbob]

Actually, TARP was supposed to be $700 billion. We've spent $350 billion, $25 of that $350 billion was given to citigroup earlier in the year. We've now given them $20 billion additional. The guaranteed debt is somehow being guaranteed by the FDIC. I'm not sure how that works.

Yeah, I know TARP is $700bn, but of that figure $250bn was the amount for the financial sector. That was the figure I was referring to.

And I have no idea how the FDIC works this either!

 

[DavidS]

Yeah, I know TARP is $700bn, but of that figure $250bn was the amount for the financial sector. That was the figure I was referring to.

And I have no idea how the FDIC works this either!

The whole damn thing is to bailout the banks. We're not getting a dime of that.

 

[NOBama]

Whoever bought the 12,800,200 shares of C at the closing bell on Friday will be a happy camper today. If it was me, I'd sell that pig today because, the entire 700B$ bailout allotment wouldn't be enough to save this POS, IMO.

 

[NOBama]

Now that I think about it, maybe it was Paulson on that 12.8M share buy which cost 48.25M$ @ 3.77. Wouldn't that be insider trading?

 

[tigerbob]

Now that I think about it, maybe it was Paulson on that 12.8M share buy which cost 48.25M$ @ 3.77. Wouldn't that be insider trading?

I doubt it was Paulson (he'd have to be mad to try it), but I would be surprised if whoever it was had no knowledge of an impending federal safety net opening under Citi and yes, that would constitute IT.

 

[editec]

What are they doing to do with that money?

Hoard it?

Yeah, that should drive up the price of their stock.

Gee this capitalism thing is easier than I thought.

I should have studied how to lose money in the banking business.

Beats welfare, that's for damned sure.