Citibank Implodes!!!

Do get your money out! LMMFAO!!

Citigroup Board Said to Weigh Options as Stock Drops (Update2)

http://www.bloomberg.com/apps/news?pid=20601087&sid=arsOx8GtZ7Uo&refer=home

Citigroup, once the biggest U.S. bank, with a stock market value of $274 billion at the end of 2006, dropped yesterday to about $26 billion, slipping to No. 5 after Minneapolis-based U.S. Bancorp. A plan Pandit announced this week to cut costs by shedding 52,000 jobs and an endorsement by billionaire Saudi investor Prince Alwaleed bin Talal didn’t assuage shareholders’ concern that bad loans and securities writedowns may extend a yearlong run of net losses totaling $20 billion.

Citigroup, once the biggest U.S. bank, with a stock market value of $274 billion at the end of 2006??? And all that “Market Cap” got wiped out in 2 years???!!

Plus you think that your Brownstone can’t go down in value???

I loving this…

By Return of The What |