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What's Going Down At Citi This Weekend?

daltronator — Fri, 21 Nov 2008 18:11:37 -0500

Something is happening. I can practically smell it. Would anyone be surprised if they heard news late Sunday/first thing Monday that Citi was getting a big deal/merger/takeover/break up/ hair cut?

http://www.cnbc.com/id/27841502

It's been a few weeks since our last 'hearing about big bank news' weekend, but it sounds like it will be making a strong come back. What is the likelihood Paulson/Geithner/Pandit are shaking hands next week?

Hit us up if you hear anything big.

HBS TV Market Minute with Mia Saini 11/21

somegirlfromcali — Fri, 21 Nov 2008 18:02:40 -0500

Geithner Selected As New Treasury Secretary

daltronator — Fri, 21 Nov 2008 16:02:58 -0500

CNBC is reporting NY Fed Reserve President Timothy Geithner has been selected by President Elect Barack Obama as the next Treasury Secretary.

http://www.cnbc.com/id/27844707

Seems like a lot of people are in favor of this given Geithner's extensive background and hands-on dealings with the Wall Street financial crisis [Check this article in Portfolio about his role in Bear Stearns collapse - http://www.portfolio.com/executives/features/2008/05/12/New-York-Fed-Chi... ].

Besides having significantly more hair than Paulson, what do you guys think?

Goldman-CitiGroup???

Edmundo Braverman — Fri, 21 Nov 2008 15:32:57 -0500

Hard times make for strange bedfellows. It isn't gospel yet, but you heard it here first...

http://money.cnn.com/news/newsfeeds/articles/djhighlights/200811211353DO...

So that offer I accepted for Citi ops, whats the probability of it being honored?

studentx — Fri, 21 Nov 2008 12:41:19 -0500

I emailed them and they said "I'm happy to say that as far as I know there will be NO IMPACT!. You guys are important to us."

Don't know if I really should believe that.

Lehman Brothers.....Hiring???

affluenza — Fri, 21 Nov 2008 12:33:23 -0500

No doubt Bryan Marsal will have some rather large shoes to fill, and big stinky mess to clean up, as he steps in to replaceRichard Fuld as Chief Bullshit, er, I mean “Executive” Officer of the failing Lehman Brothers. Lehman’s lawyer announced the restructuring plan on Thursday. Marsal, who is currently the Chief Restructuring Officer of Alvarez & Marsal (ever hear the expression “too many chiefs, not enough Indians”?) Anyway…the changing of the guards is scheduled to take place on December 31st.

Brutal Sell-Off at Citi Coming

Edmundo Braverman — Fri, 21 Nov 2008 11:56:31 -0500

Citi better get their sh*t together, and fast. With the stock under $4, many institutions and pension funds are forced by charter to sell. Pandit claims he's going to stay the course regardless:

http://biz.yahoo.com/rb/081121/business_us_citigroup.html?.v=6

It could get downright fugly for Citi at the close today. Keep your heads down and have a great weekend.

Michael Lewis On The Colbert Report

daltronator — Thu, 20 Nov 2008 18:32:57 -0500

Michael Lewis, author of "Liar's Poker", the big 'End of Wall Street' recent hit piece in Portfolio Magazine, and now his new book "Panic: The Story Of Modern Financial Insanity" appeared on The Colbert Report last night. In the intro to the show, Colbert even took a dig at Jim Cramer, saying the title of Lewis' new book sounds more like Cramer's autobiography. (ba dum ching!)

Although in typical Colbert fashion, he didn't let Lewis get a word in edgewise during the interview, but it's a pretty humorous exchange nonetheless. You can watch the whole episode online here:

http://www.comedycentral.com/colbertreport/full-episodes/index.jhtml?epi...

Skip to the 14:55 mark to see the Lewis interview segment.