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Goldman Puts Citi On Conviction Buy List, Time To Sell
It took 3 days for Goldman's EURCHF trade to hit stop losses. Now Goldman is aggressively selling Citigroup to its clients who are now "buying with conviction" the world's most bankrupt bank. The only question now is, how long before Citi joins BofA in desperately needing TARP 2.
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Reckon the report too early to report that Treasury protecting C from FOIA requests - how is that done, guess Treasury can mandate just about everything...bitchez
Apologies for 'jumping' on top in line yet this JUST in:
Treasury Shields Citigroup as Deletions Undercut Disclosure
http://www.bloomberg.com/news/2010-10-25/u-s-treasury-shielding-of-citigroup-with-deletions-make-foia-meaningless.html
Good to know we have a voice as citizens. Just send your concerns to:
666 Unicorn Ranch Road
Washington DC
CITI actually has a higher market cap the BAC. The first time in over 3 years now.
You forgot JP Morgan, which is not far from Citi and BOA in terms of closeness to bankruptcy.
You gotta be kidding right, Citibank is a penny stock (less than $5), why on earth has Goldman Sucks resorted to recommending penny stocks.
Because the retail arm of the Federal Reserve, vampire squid Goldman Sachs, knows that Citi needs the extra cash from higher stock price to cover their losing assets.
Isn't it also a returned favor. You bailed us, (GS), out and you need to sell C, (Shitty) stock.
Please. Anybody who tells you they know how to value bank shares right now is lying. The balance sheets are outright fiction, income statements and statements of cash flow are layer upon layer of accounting games. Not even the bank execs themselves have the foggiest idea what they own, what it's worth, what their risk exposure is, and what the future holds. What a joke.
spot on!
Gotta pump so the gov't can dump and claim they made a 'wish' decision in bailing out Citi...til they come crawling back for more taxpayer captial in about 2 months. In other news AUDJPY is donkey punching down
And Jim Cramer is saying the Goldman call is a reason to buy, buy, buy.....Citi is toast.
Hmmm, I wonder if Tungstenman Sachs considered this? Probably worthy of it own thread:
http://www.bloomberg.com/news/2010-10-25/u-s-treasury-shielding-of-citig...
Indeed! Lately, GS has been a pretty good contrarian indicator, it shows, however, how "good" Da' Boyz really are!
Don't you mean shorting Citi to its clients?
hilarious. +1
Goldman this, Goldman that, Goldman, Goldman, Goldman.....
Yes, hard to ignore today's key player in the financial realm.
there should be more articles about MeTarzanUjane. is that better?
de ja vu II
http://www.bloomberg.com/news/2010-10-25/u-s-treasury-shielding-of-citig...
When you have shit like this going on in the markets, it makes everyone eager to join in the mass psychotic stupidity of investing period within the realm of what the SEC considers a sound structured market. Our markets are a fucking joke anymore. Fraud, lies, and more dollar debasement. Hell ya.
Debase our way to prosperity!!!
Does the US Treasury still need to unload any more C stock... at a higher price?
Don't just buy this $4 turd, buy it like you mean it!
NEW YORK (CNNMoney.com) -- Federal Reserve Chairman Ben Bernanke said Monday that a federal agency review of foreclosure procedures at the nation's largest mortgage servicers should be completed next month.
"We take violations of proper procedures seriously," Bernanke said in remarks prepared for delivery at a joint conference in Arlington, Va., with the Federal Deposit Insurance Corp. on Wall Street's foreclosure procedures.
"I would like to note that we have been concerned about reported irregularities in foreclosure practices at a number of large financial institutions," Bernanke said. "The federal banking agencies are working together to complete an in-depth review of practices at the largest mortgaging servicing operations."
"We are looking intensively at the firms' policies, procedures and internal controls related to foreclosures and seeking to determine whether systematic weaknesses are leading to improper foreclosures," he said.
Bernanke also highlighted the precarious state of the housing market.
"Now, more than 20% of borrowers owe more than their home is worth and an additional 33% have equity cushions of 10% or less, putting them at risk should house prices decline much further," he said. "With housing markets still weak, high levels of mortgage distress may well persist for some time to come."
And the result is the same as the stress tests.
"Nothing to see here ... move along, move along"
"Don't pay attention to the man behind the curtain"
I mean really, how stupid do they think people are to believe anything Bernanke and the Fed say? Trust? What trust?
Then again, is the purpose to destroy trust in governments, centrak banks and Wall Street and eat the US out from the inside?
Big Ben is just trying to deflate the asset bubble .. jaw boning.
The next little crisis will cause a rush into dollars soon enough, something in europe is my guess, then the sudden shift in the dollar will cause havoc. The markets will tumble ...
The people across the e.u. are not taking the austerity plans very well ...
Can anyone that is smarter than me explain to me how the Fed will be able to pass QE2 with the markets up so much? Where will their justification come from? I do not think that the excuse of "the markets priced it in, so we had to do it", will go well. As little faith as I have in the Government, I do know that they do not want a stagflationary environment to occur. So again, I ask where the justification the Fed will use to pass a QE2?
Pass? Pass? WTF Pass?
There is no pass, only do.
Okay, how about if I say "...justifcation to press the print moar money key"?
Maybe they can run the market down for three days in a row right before QE2 to soften us up - that'd work.
Justification??? What does that mean?
I am with you first. Everyone is so damn sure that QE 2.0 is coming on Nov. 3. It is setting up for an epic short. The big boys short the market on Nov. 2, the sell off strikes on the 3rd. Helicopter Ben will have all of the evidence to make QE 2.0 look legitimate. Benny and bankers 1, rest of us 0.
There should never be a need for TARP again. The Fed will handle all bailouts "under the table" from here on out. I actually find it astonishing that they did bothered with TARP in the first place .... other than they had probably not worked out all of the deals of the scam or that it was intended to put the Treasury in further debt.
its Bernanke's world. We're just living in it.
Told you so
gotta own GOLD man!
When it comes to HELOCs and the Mortgage Mess, BOA faces more headwinds than CITI.
Since BOA bought Countrywide (nice trade...not), BOA's mortgage book has risen from 4 millions mortgages to 14 Millions. One in five mortgages in the US.
so I'll probably get junked for this, but I like CITI. After the crash I put my 90 year old mother in a bit of their stock. She does her retail business there, and they treat her well. Gasparino has a hard on for these guys, but he's just a media huckster. The leadership at CITI came away with no real blood on their hands, (Lewis, Dimon, etc) They sold half their brokerage business to MS, which was smart. Retail brokerage business isn't looking too good. At one time they had the lions share of mortgage paper, but none of the collateral problems, like BofA ties to Countrywide, and the administration has favored CITI and pummelled BofA and Lewis (Lewis was Paulsons and Bernankes bitch, when they shoved Merrill up his ass) all the way.
With CITIs share price down, their global retail banking footprint, and the governments weight behind them, and you do business there and like the way you are being treated, so okay. buy what you know.
but years ago my broker said, X, "why don't you buy financial stocks?" I said, "because I don't know how they make their money.."
Turns out I was right. Now its a bit clearer, and their bank franchise is good enough to support them at this point.
That said others like Goldman have a lot farther to fall before CITI reaches their level.
BUY, BUY, BUY, BUy, Buy, buy, bY, BY, BYE BYE........
Treasury's got some citi to jam baybee!!
(Could Goldman be right this time?)
Tyler, Check Exhibit 41: "Citicorp Loan Composition Shifting Toward Asia, Latin America" Fiscal and monetary stimulus, paid for by U.S. taxpayers = Keynesian stimulus for the emerging markets. Niall Ferguson is right.
http://www.bloomberg.com/news/2010-10-25/u-s-treasury-shielding-of-citig...
Bernie bails em',300B?.
high treason.
http://biggovernment.com/sright/2010/10/24/60-minutes-shock-report-national-unemployed-and-underemployed-17-5-california-22/
I have no love for CommieFornia,but this is some sad shit.
Look at the UE %, little do they know, John Williams has announced these #'s LONG ago, and for more than just Kali.
'
sad it is.
all i can wonder is how many of these folks over the years empowered big government programs which now tie up Trillions of $USDs in US Treasury Bonds; Trillions of $USDs which would otherwise be productive capital circulating in the private sector. the Dow would be at 100,000 and these folks would have helicopters in their backyards.
they have plenty of time to ponder the impact of their viewpoints now.
very sad indeed.
OK so buy Citi puts today, when do we sell?
Goldman AND Cramer... Run for the hills. Doesn't matter now anyway. The Fed are the only ones buying stock these days.
So much more reason to BUY.
No lose ,guaranteed................you forgot the FED.
how do you think it keeps going up?,