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To: tom pope who wrote (69180)	11/21/2008 3:32:53 PM
From: Keith Feral	Read Replies (1) \| Respond to of 118717

At $6, the company has a market cap of $34 billion. At $4, that puts the market cap around $23 billion. At $3 they have a market cap of $17 billion. If C had to do something, I guess they would go for more than $3. I just can't figure out how GS would be able to buy them for much of a premium. They only have a market cap of $20 billion. Can GS at $50 make any kind of a premium offer for C with a smaller market cap than C? C is getting ready to sell their German Bank for $8 billion, which should give them some more capital. C will probably have to get by on their own by shedding some assets. I guess the good news is that C doesn't have much downside below the $3.05 print they made this afternoon. It would be a Godsend to get C out of all of it's bad assets once and for all. However, I just don't see any advantage for them to do so, unless GS can figure out a way to pay $8 or $9 for the company.