Gold and Silver Juniors, Mid-tiers and Producers Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

From: Proud Deplorable	11/3/2007 5:11:53 AM
	Read Replies (1) of 78426

Black Monday Approaching....Citigroup CEO Quits today.reuters.com "Citi to Hold Emergency Board Meeting By DAMIAN PALETTA, ROBIN SIDEL and DAVID ENRICH November 2, 2007 4:04 p.m. Citigroup Inc. board members are expected to gather for an emergency meeting this weekend, two people familiar with the matter said. It wasn't immediately clear what the meeting would address, but the subject of further writedowns could come up. Citigroup has lost nearly a quarter of its market value since Oct. 12, the Friday before it reported its third quarter earnings had slumped 57%, depressed by mortgage defaults and this summer's credit scare. The bank's shares were down 1.4% Friday at $37.99. In reporting its third-quarter earnings, Citigroup warned that it endured a surge in late payments on consumer mortgages in September, costing the bank $3 billion in higher losses and reserves against future bad loans and hurting the value of loans Citigroup hopes to sell to investors. Chief Financial Officer Gary Crittenden said the trend is likely to continue. Citigroup also booked $1.56 billion in pretax losses tied to loans and subprime mortgages that were to be repackaged and sold to investors. The results turned the screw on Citigroup Chief Executive Charles Prince, who was already facing pressure from investors to get revenue up, cut costs and demonstrate that Citigroup's financial supermarket model pays off."

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next