Word: citigroup
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Sandy Weill created Citigroup (C) because he wanted to run the world's largest financial services company. He had lost this opportunity earlier in his career, but he did find a way eventually to get what he wanted...
...Citigroup was never a real company, from the day it was formed until today. With four huge business units and dozens of operations in scores of countries, the notion that a consumer-credit-card operation under a common roof with a corporate-lending business should be helpful to either business was ridiculous...
...With just a few days to go until the nation's largest banks report earnings, forecasts for how they will do diverge wildly. Of the analysts covering Citigroup (C) the most optimistic believe that firm will lose $.47 a share. The most pessimistic number is a loss of $1.57. For a company covered by as many researchers as Citi is, that spread is extraordinary...
What will happen next on Citigroup's board or among the ranks of its senior management involves a guessing game...
...between institutions evaporated, investors stashed so much cash in super-safe Treasuries that yields approached zero, and the private securitization market for mortgages, which keeps capital flowing for more home loans, disappeared. Lehman Brothers collapsed when no one would loan it money, and any number of other firms - AIG, Citigroup, GM - went hat in hand to the U.S. government, lender of last resort. (Read TIME's Top 10 Financial Collapses...