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Watchin tha world go by
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sent an email ta my congerssman about this -----WTF is going on?
we give em our money ta supposedly help ease credit crunch, and Citi is thinkin of using it ta expand and buy someone else out?



http://biz.yahoo.com/ap/081016/earns_citigroup.html

The frailty of the financial system has led the government to pledge $250 billion worth of stakes in private banks, including Citigroup, to bolster their capital base. That, officials hope, will boost the institutions' ability to lend and loosen up the tight credit markets. However, banks could also put the investment toward acquisitions.

Chief Financial Officer Gary Crittenden indicated that Citigroup is still on the prowl, particularly after it gets its $25 billion portion from the government. The stake presents "the possibility of our taking advantage of opportunities that otherwise might have been more closed to us," he said during a conference call with investors.

Citi earlier this month lost a bid to Wells Fargo for Wachovia Corp. and its massive deposit base. The government also considered Citi, among other suitors, to buy the banking assets of the failed thrift Washington Mutual Inc., which got snapped up by JPMorgan. Crittenden said on the conference call that Citi considered a third buy as well, but didn't disclose the target.

"With Wachovia out of the picture, there is no doubt that Citigroup will pursue another acquisition," wrote Isabel Schauerte, an analyst with the research and consulting firm Celent, in a note. "However, if anything, these results suggest that the bank should focus on repairing its troubled balance sheet while waiting for another buying opportunity that has the scale Citi is hungry for."
 

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Good Bye
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Just to let you know.. My mortgage is held by Citi. they are freaking brutal. Some lein holders will work with you if you are having hard times, but wish to do the right thing, and keep your mortgage. I thought I was going to have to delay a payment one month, and they wanted me to put all my posessions, and my car up as collateral incase I missed that one payment. I pay my mortgage religiously, and even pay extra toward priciple some times when I have an above average month.

If these guys acquire your mortgage.... be careful.
 

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Citigroup is a walking cluster f***.
I do a lot of financial work but refuse and I mean will walk out of a meeting and shut down a deal refuse to do anything that has their hands in it.
Citi is notorious for screwing acquisitions up because of sheer avarice and stupidity.
I have rarely ever seen a deal involving them that didn't end up screwing someone.
I'm gonna fire off a note as well.
Money means force in the banking industry and I loathe the idea that my money gives Citi any power.
 
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You can hear the Citigroup exec's now "Hey, lets blow this money before the Feds realize what were doing with it"
 
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Information is Ammunition
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you hit the nail between the eyes, my friend.
 

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Citi Bank was bought by the Arabs last spring I think the price tag was $70 bilion please do not quote me on this price. Also Wachovia is owned by the Russians they would like for people to think it is an American bank. So go figure we are taking it in the neck on this bail out. Only we can save the United States not the crooks we have running our country. To bad all the people I read posts by on the web cannot get together in one spot. If we take it back how will we make it work.
 
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