Word: marketed
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Dates: during 2000-2009
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...reason Citi stock is higher is simply that the market thinks that most of the trouble at the bank is over. That may not be true at all, but traders are gamblers and they going are "all in" on Citi. (See pictures of the global financial crisis...
...like other institutions, was making a mint dealing in derivatives tied to the U.S. real estate market. The boom was financed in part by collateralized debt obligations (CDOs), securities based on subprime mortgages that have come to define toxic asset. Companies that held CDOs could offset their risk by buying CDSs from AIG FP. Or they could simply speculate with the instrument. It all worked fine until overbuilding by housing firms and overleveraging by consumers caused the bubble to burst. Which in turn caused the value of CDOs to plunge. Which caused holders of CDSs on such securities to demand...
...restructure AIG's core businesses into "clearly separate, independent" companies that are "worthy of investor confidence." AIG has "made meaningful progress," but the company is still at the mercy of the economy. In the businesses it wants to keep, like commercial insurance, competitors sense an opportunity to grab market share. For the assets it wants to sell, there are few buyers. What remains is still a huge, vulnerable company...
...starting point of the rally in the bank's shares is when its CEO said that it has made money in the first two months of the year. It could still lose $10 billion this month. The market seems willing to ignore that. (See the 25 people to blame for the financial crisis...
Even if Citi is not facing more risk in its portfolio of potentially toxic assets, there are plenty of other landmines facing the firm and the market seems to be ignoring them...