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The Big C, Citigroup's Bailout
wolverine
post Posted: Dec 8 2012, 12:46 PM
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In Reply To: plastic's post @ Dec 8 2012, 09:01 AM

....and yet they haven't collapsed.



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plastic
post Posted: Dec 8 2012, 09:01 AM
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The wheels turn slowly Wolverine but they do turn.

Couldn't happen to a nicer bunch.

QUOTE
US banking giant Citigroup's new chief executive on Wednesday announced a cut of four per cent of its global workforce, less than two months after a shock board move forced out CEO Vikram Pandit.

Michael Corbat, who took the lead of the mega-bank on October 16, said it would slice more than 11,000 jobs, mostly in its global consumer banking division, and take a $US1 billion charge in the 2012 fourth quarter and another $US100 million in the first half of next year.



Read more: http://www.smh.com.au/business/world-busin...l#ixzz2EPTuT6jF




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Where are the Americans?
 
plastic
post Posted: Oct 24 2012, 08:25 AM
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In Reply To: wolverine's post @ Oct 23 2012, 07:20 PM

I honestly can't remember what I said years ago. But if I did, post it up.





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wolverine
post Posted: Oct 23 2012, 07:20 PM
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In Reply To: plastic's post @ Oct 23 2012, 02:26 PM

Politician it seems. Avoid the question at all costs and obfuscate with irrelevant information.

Did you or did you not say these banks would have ceased to exist years ago?



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mullokintyre
post Posted: Oct 23 2012, 02:39 PM
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ITS A PLASTIC FLOWER!!

MICK



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plastic
post Posted: Oct 23 2012, 02:26 PM
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Wolverine, have you read Basel Accord III? Or considered what might happen if banks are forced to mark to market the assets they carry on the books?

The rush for capital, or the write downs, starts next year according to Wiki.

This $3bn is just the beginning.

http://en.wikipedia.org/wiki/Basel_III



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Where are the Americans?
 


wolverine
post Posted: Oct 23 2012, 11:41 AM
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In Reply To: plastic's post @ Oct 23 2012, 10:53 AM

Are you a politician?

You said gone by March several years ago. We aren't talking about a collapse in shareprice....nice try to misdirect but even a 6 year old wouldn't fall for it.



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plastic
post Posted: Oct 23 2012, 10:53 AM
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In Reply To: wolverine's post @ Oct 23 2012, 10:48 AM

I did. Look at the chart. You don't think thats a collapse?

ATM, all it is, is a death watch. The Big C has the Big C. Prognosis: Terminal.



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wolverine
post Posted: Oct 23 2012, 10:48 AM
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In Reply To: plastic's post @ Oct 23 2012, 10:40 AM

Good work Plastic you have avoided the issue which was that you said Citi was going to collapse 3-4 years ago amongst other wrong calls.

Want to address that?



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plastic
post Posted: Oct 23 2012, 10:40 AM
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So if someone says a bank is going to go bankrupt then they must be talking crap because banks don't go bankrupt. Right?

Wrong.

Or it hasn't happened yet, so it isn't going to happen. Right?

Wrong again.

Post 87 crash, about early nineties, Westpac just about went belly up. Can't remember if they needed a bail out or not. But in NZ it was BNZ and they did need a bail out. In England, Soros bet against the Bank of England remaining solvent and won. In the US it was Savings and Loans.

ATM, the Europeans are bailing out different banks that are worth keeping. The Big C had the Saudis.

It takes a bit of time for the good stuff to come through to the top.

Following that mess, overseas the laws were changed to allow banks to become too big to fail so the debacle did not repeat. Thats how we got the likes of UBS and The Big C. In Australia, the Four Pillars policy was brought in.

This policy has now run its course and post 2008 GFC it will be dismantled. Either it will be voluntary and the fall out minimized or it will be cataclyzmic to effect another run on the markets and banks. If neither they will be legislated out of existence.

And it could happen to a nicer bunch than those good people at Citigroup.



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