Word: citigroup
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...case from the effusive selflessness that has filled campus bulletin boards and open lists since the dawn of the new liberal epoch. With a shocking suddenness, the undergraduate gaze has swung from Manhattan penthouses to Mississippi shantytowns. City Year is now a more desirable employer than Citigroup. The increasingly social spirit of our generation is undoubtedly a good thing. But it is not nearly good enough...
...disaster will get much worse. The first is that the issue of the nationalization of the banks may well be resolved. The debate about the issue has already hit a fevered pitch and if the first quarter is going to bring another series of multi-billion losses, institutions including Citigroup and Bank of America (BAC) may simply not have the balance sheet strength to remain independent. While having the government seize one or two major banks may ultimately be the key to their survival, the public may instantly suffer a huge loss in its confidence in the rest...
...Capital cushion: Thanks to the Troubled Asset Relief Program (TARP), Citigroup now has $151 billion in equity, up from $113 billion a year ago. Alas, it will have a $76 billion hit from bad loans. Along with a projected bottom-line loss of $3.5 billion, that drops the bank's capital to $70.5 billion...
...Prognosis: On the way to the ICU. Citigroup has a projected leverage ratio of just 3.8% - far lower than what it would need to be considered well capitalized. How much would the U.S. have to give the bank to nurse it back to good health? About $22 billion...
...Capital cushion: BofA has put away $23 billion to cover future losses, and it has more equity - $177 billion - than JPMorgan or Citigroup. But that might not be enough to preserve it without government help...