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Citigroup Inc. Message Board

  • jbluesbeatle2002 jbluesbeatle2002 Jul 26, 2009 8:56 PM Flag

    C Is Still Worthless And Barron's Is Wrong

    Barron's claims that's C is selling below book....which is funny since C has no book value. Citi has greater liabilities than assets, is essentially insolvent, and needed TARP to prevent collapse. This kind of reporting is irresponsible since Barron's does not include the facts:

    C is selling future earnings to other firms-case in point: Smith Barney

    C has 264 billion in derivatives-much greater than the market cap of 15 bil

    C's dilution has not occurred and once it does, the share price will reset below a buck-AUTOMATICALLY. The nonsense that C's price reflects the dilution is wrong:

    current market cap-15 bil with 5.5 bil shares out=2.77

    post conversion: 15 bil market cap won't change, but there will be 22 billion shares out:

    15/22 is not 2.87----it's closer to .78

    If C authorizes 60 billion shares as they want to, the dilution will be catastrophic:

    15/60-----.25 or less

    The reverse split will not bring the institutions back in, but rather will encourage short selling.

    C is going back to traditional banking, away from asset managers, and they have no domestic franchise. Thus, C's US competitors will be able to take market share.

    C's CEO is utter dunce. He screwed up the Wachovia purchase, ignored Goldman, and has basically destroyed C at the expense of the shareholders.

    Pull your money out of this garbage and put it to work in smaller regionals that are growing, and have no debt.

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44.29+0.14(+0.32%)Jul 27 4:02 PMEDT