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Citigroup: Could Be The Start Of Next Leg Down
By David Spurr on January 13, 2009 | More Posts By David Spurr | Author's Website
Citigroup (C) is getting smoked today (Monday). Most financials are getting hammered. It seems that a crisis always starts when one of the large financials runs into serious trouble. There could be some issues that are going to be reported on Citigroup.
It’s curious that Rubin resigned on Friday. The government seems to be suggesting the marriage of Smith Barney and Morgan Stanley (MS). We know what happened to Merrill Lynch when they became married with Bank of America.
Citigroup could be getting ready to suffer the same fate. Citigroup is the largest derivative player out there; they’ve got counterparty exposure that would be felt in all financial corners of the world. There’s no doubt that they are definitely too big to fail.
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