The NY Times ran this yesterday.
http://www.nytimes.com/2009/11/01/business/economy/01citi.html?_r=1
I posted back in July that Citigroup will be liquidated.
http://tradersutra.blogspot.com/2009/07/citigroup-will-be-liquidated.html
The Times article goes on to say:
"Chris Whalen, editor of the Institutional Risk Analyst, calls Citigroup “the queen of the zombie dance,” referring to the group of financial institutions that the government has on life support."
“They are hoping that a combination of bank assistance and maximizing revenue and buying time will let them survive,” he said. “When I look at the whole picture, Citigroup is in the process of resolution. I continue to believe the equity is worth zero and that the company will have to go to bondholders for some kind of money to make the bank stable.”
The news flow has been decidedly negative for the banks of late including Citigroup which got hit Friday on reports of more write downs.
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