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3 pts

Opinion on  Citigroup Inc (C)     Sector: Financial  >  Industry: Money Center Banks
A face-saving attempt !

Aug 07, 2008 08:19 PM UTC
Tigre_bengale
Return Risk
-15.46% LOW
Sr. Analyst

It is what said Brian Yelvington, an analyst at CreditSights Inc in New York.

Citigroup Inc agreed to buy back more than $7 billion of illiquid auction-rate securities and pay a $100 million civil fine to settle charges it fraudulently misled investors about the debt's risk.

The agreement with New York Attorney General Andrew Cuomo and the U.S. Securities and Exchange Commission could pave the way for other settlements stemming from February's meltdown of the $330 billion auction-rate market.

It will also hinder efforts by Citigroup Chief Executive Vikram Pandit to slash costs and restore profitability following $17.4 billion of losses in the last three quarters.

(Reuters)


C:  This call was made on 08/07/08 @ $18.47
Rating:   Negative   $18.47 (08/07/08)
Gain/Loss:   +57.66% in 119 days
Target:   $14.50 (-21.49%) in One month


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