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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: MythMan who wrote (34447)	10/23/1998 5:21:00 PM
From: Knighty Tin	Read Replies (2) \| Respond to of 132070

Myth, It is still the same piece of crap it was at the equivalent of $73 and at $28. The change in stock price up or down does nothing to make it a better company or improve its financial condition. However, the rate cut by Alan Greenjeans does allow Citi and others to get wider spreads on the loans they dare to make to lesser credits. Until those guys default, of course. This co. is a huge portfolio of death traps. Derivatives and hedge funds are well known. They also now have Salami Brothers/Smith Barney Rubble and their leveraged exposure to any market pullback. Salami was also big going the wrong way on the bond/mortgage spread scam. Then there is Travellers and all the dinky insurance cos. it owns. This stuff is pretty scary, too. I honestly think Sandy Weill was looking for somebody solvent to bail Travelers out of the mess he created. Citicorp looked good, and now they may need more bailing than Sandy. The bad news is, all the evil will not spew out at once. It will ooze over the months and perhaps years ahead. The co. will get the Fed and SEC to turn a blind eye as they report eps that are purely fantasy in the hopes that dummies will have confidence in the system. Citigroup is dying, but bring a lot of stakes, because it will be a tough blood-sucker to kill. It has been dying for the past 15 years. This could drag on longer than the death scene of a ham actor/director in a Western who catches an arrow from a Sioux raider. <G> MB