I awoke today to find this amongst the news briefings-
So, what say the economists, market watchers, and shrewd observers of our governments maneuvers and stratagems?
I don't know much about stocks, but $4.35 seems low, who bought all of them?
I am NOT a lawyer for Citi, but I have been on the "other side" of transactions with Citi (e.g., buying loans or getting out of loans). My experience:
They are not lending money, although the pretend to. They get presented with standard, well-in-compliance, loans, and they find some goofy reason to not lend.
They have put performing loans into technical default, even though payments are being made and they have no real reason to fear repayment --- forcing good loans out of Citi to other banks
When you pay off loans (and I'm talking millions here), you can't get them to give releases of liens or other standard things. No one is around to answer the phone. It's like the employees have quit or checked out.
My humble, outside, opinion is that the wheels are falling off and it's going to implode far worse than if the idiots in Washington (Bush and Obama) had not let it sink in the first place.
Excellent question. I doubt it was anyone with any brains.