Word: citigroup
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...Citigroup shares are going up every day now, gaining 23% yesterday. So far, the stock has gone from a low of $0.97 to $3.20 in just a few weeks...
...Geithner's backers note that he took over an office that was drowning in crises and has had to address failing banks; impossible-to-price toxic securities; a continuing auto-bailout program; woes at Citigroup, AIG and other financial houses; a housing crisis; and an upcoming G-20 summit all at the same time. Even his detractors admit that the to-do list is the deepest any Treasury boss has faced in 80 years...
...Last September, with global stock markets collapsing and credit markets frozen, Geithner, then head of the New York Fed, and Bernanke believed AIG was too close to collapse to do anything other than stop the bleeding. Failure by AIG to pay might have threatened its counterparties - for instance, Citigroup and, in turn, Citi's counterparties. A bond or a derivative is, after all, a promise to pay someone, and if there is no confidence in its fulfillment, the financial system ceases to function. It is not a fear that has gone away simply because AIG has been stabilized...
...that pulled their firms under - but that's not all bad, because in the future it would give executives reason to keep a close eye on risks being taken elsewhere in their companies. Yeah, there are complications - the main one being that lots of highly paid employees of AIG, Citigroup and the like are overseas and not subject to U.S. taxes. But it's worth a try. If nothing else, it would give the outraged American electorate the sense that the responsible parties are paying for something closer to their fair share of the financial bailout. Which would allow...
...Someone will sell Citigroup tomorrow, and someone else will hold it while it goes to $5 or back...