This morning Bloomberg has the following:
" Jan. 16 (Bloomberg) -- Citigroup Inc. posted an $8.29
billion loss, twice as much as analysts estimated, and said it
will split in two under Chief Executive Officer Vikram Pandit’s
plan to rebuild a capital base decimated by the credit crisis."
What I want to know is how they lost all the money. Is it still writedowns on MBSs? Is it trading (like at Deutsche)? I dunno, man, but 8.3 billion is a lot of money. Those guys already got 45 billion in tax dollars (slash debt dollars.... but ultimately everything is tax dollars), which could have gone to schools, housing relief (to stabilize the mortgage mkt? what a novel idea!!), unemployment benefits to make the recession less painful--an automatic fiscal stabilizer--something. I mean 45 billion.... that's a hundred an fifty bucks from every American. Split those guys up, sell the pieces, limit the losses and let's move on.
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