Citi is now worth 99 cents

[DavidS]

I can't believe just a few months ago I told people here to buy it at $6.00 because I thought it was going to hit $10. This is just.... disgusting. I feel terrible.

 

[usmbtech]

Man, I can't believe it.. Nothing like watching my savings go up in smoke... I had purchased Citi 5-6 years ago for $50-$55 a share in one my retirement accounts I don't look at to often.. worth almost nothing today..

 

[DavidS]

Man, I can't believe it.. Nothing like watching my savings go up in smoke... I had purchased Citi 5-6 years ago for $50-$55 a share in one my retirement accounts I don't look at to often.. worth almost nothing today..

I am almost scared for my uncle. The FDIC's fund is on the verge of insolvency, Citibank is almost under and he has his entire life savings in his Citibank account.

 

[wimpy77]

you're not reading what was posted above. if the fdic runs out of money they will borrow from the fed. someone brought this to light on cnn. they basically said the same thing. that while he didn't see the fdic borrowing money but if they would need to they would just borrow it and shelia bair said the same thing on cnbc last week.

 

[alan1]

I can't believe just a few months ago I told people here to buy it at $6.00 because I thought it was going to hit $10. This is just.... disgusting. I feel terrible.

Just a few weeks ago I told people to invest in dollar stores.
FAMILY DOLLAR STORES Share Price Chart | FDO - Yahoo! Finance UK
FDO was up $3.00 today after their earnings announcement.
I feel great.

 

[wimpy77]

nice pick mountain

 

[alan1]

nice pick mountain

If I could do that 51% of the time, I'd retire.

 

[editec]

Well Citibank lied to us about their portfolio, didn't they?

We'ren't they being touted as the bank that had done it all right, just a few short months ago?

I mean, seriously...what are investors to do in an environment where they discover, on weekly basis, that this pillar of the banking and investment community or that one have been fudging its books?

 

[Terral]

Hi David:

Citi is now worth 99 cents

No. Citi is now worth less than nothing. Citi took all of that Bailout Money (story). Right? Citi is worth 99 cents if you can find a sucker to buy your shares . . .

I can't believe just a few months ago I told people here to buy it at $6.00 because I thought it was going to hit $10. This is just.... disgusting. I feel terrible.

What made you think that housing prices were going to bottom any time soon? A deflated housing market means Citi’s mortgage-backed securities portfolio is continuing to lose value every damn day and the losses will continue to skyrocket out of control. We are still looking at about 10,000 foreclosures every day (story) and the big banks hold a majority of those ‘toxic assets’ on their deflated balance sheets reflecting a gigantic spiral straight down into the bottomless ‘debt’ abyss. These banks will teeter on the brink of collapse, until they eventually collapse along with the U.S. Economy and nothing anybody can do now will change that fate.

GL,

Terral