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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...
...figures for the last quarter of 2008, being reported now, show that 2009 could be astonishingly bad for big banks. The dozen largest banks in the world could easily lose a combined $100 billion. The problems causing that will certainly cascade into this year. (See pictures of the Top 10 scared traders...
...Deutsche Bank (DB), the largest bank in Germany, said it would post a loss of $6.4 billion. Analysts believe the red ink at Citigroup (C) could be more than $10 billion. Bank of America is expected to turn in a $3.6 billion loss. Those figures do not include JP Morgan (JPM), Wells Fargo (WFC), Morgan Stanley (MS), Goldman Sachs (GS) and a number of deeply troubled overseas companies including UBS (UBS), Credit Suisse (CS), and Barclays...
...Bernanke suggest creating a huge "bad bank" to own the toxic asset that are on the balance sheets of America's largest financial companies. There is some precedent for that from the savings and loan catastrophe two decades...
Urban is often employed as a euphemism for "African American," but in Obama's case it's simply the most accurate way to locate him. The roster of his past addresses includes some of the world's largest cities: Jakarta, Indonesia (9 million), Los Angeles (3.8 million), New York City (8 million), Chicago (3 million). Obama's hometown of Honolulu, with a population of 300,000, is the smallest place he has ever lived. Compare that with Hope, Ark. (pop. 10,000), or Crawford, Texas (pop. 789). "The last President who was grounded in a city the same...