Uh huh...sure it is. When a bank posts $10B losses, we know we're nowhere near "OK" territory.

It's been said the only sure things are death and taxes. The banks enjoy the low profile of not being included on that list for their ability to make money in any economic climate, but perhaps that's not as sure as it once was...
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From: [identity profile] publius1.livejournal.com


Ok, true, $10B in losses is never chump change, but Citigroup is HUGE. It's not just a bank, it's a megafinancialconglomeratetrustthingie. Their market cap is at somewhere near $140,019,700,000,000, or $140 TRILLION dollars. $10B is about 1% of their market cap.

They've got a LONG way to fall.


EDIT: Oops, miread that by a teensy bit. It's $140,019,700,000, or $140 Billion dollars. Which means that Citi posted about an 8% market loss; which is, right, NOT GOOD, but still not necessarily the end of the world.

From: [identity profile] prince-corwin.livejournal.com


I was going to say, dude, there's no way Citigroup's market cap is ten times the gross national product...! (Not to mention, at that figure, 10B would be something like .008%, not 1%.)

Even so, Citigroup buys obviously bad debt, Citigroup can pay the obvious penalty.

From: [identity profile] publius1.livejournal.com


Yeah; and can someone please tell me why Bank of America would buy something as obviously a bad idea as Countrywide?
.

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