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Citigroup collapses! Banking Shutdown Possible

 
Anonymous Coward
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11/25/2008 02:13 PM
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Citigroup collapses! Banking Shutdown Possible
Citigroup collapses! Banking Shutdown Possible Dr. Martin D. Weiss
Global Research
November 25, 2008

It pains me deeply to announce that, despite the massive government rescue, yesterday’s collapse of Citigroup could ultimately lead to a shutdown of the global banking system.

For many years, I hoped this would never happen, and I thought we might be able to avoid it.

[link to www.infowars.com]
Anonymous Coward
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11/25/2008 02:14 PM
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Re: Citigroup collapses! Banking Shutdown Possible
wtf?
Anonymous Coward
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11/25/2008 02:16 PM
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Re: Citigroup collapses! Banking Shutdown Possible
But...but... I thought citi got their bailout and all is fine....
Pilot_007
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11/25/2008 02:16 PM
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Re: Citigroup collapses! Banking Shutdown Possible
I figured they would take the money and run, just like the auto makers want to do.
Why/ how can a insolvent bank purchase another?
Don't they do a credit check? LOL
Anonymous Coward
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11/25/2008 02:16 PM
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Re: Citigroup collapses! Banking Shutdown Possible
bsflag
Anonymous Coward
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11/25/2008 02:19 PM
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Re: Citigroup collapses! Banking Shutdown Possible
Perhaps this should be pinned...
riker

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11/25/2008 02:22 PM
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Re: Citigroup collapses! Banking Shutdown Possible
bump
You shall know the TRUTH, and the TRUTH shall set you free.
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Anonymous Coward
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11/25/2008 02:23 PM
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Re: Citigroup collapses! Banking Shutdown Possible
...And stocks soared...
Ruskie

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11/25/2008 02:23 PM
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Re: Citigroup collapses! Banking Shutdown Possible
Citigroup collapses! Banking Shutdown Possible Dr. Martin D. Weiss
Global Research
November 25, 2008

It pains me deeply to announce that, despite the massive government rescue, yesterday’s collapse of Citigroup could ultimately lead to a shutdown of the global banking system.

For many years, I hoped this would never happen, and I thought we might be able to avoid it.

[link to www.infowars.com]
 Quoting: Anonymous Coward 512611


didnt the bailout help? or did it just go strait down their pockets and a happy smile and a F U to the people?
Did you ever have a job that you hated and worked real hard at? A long, hard day of work. Finally you get to go home, get in bed, close your eyes and immediately you wake up and realize... that the whole day at work had been a dream. It's bad enough that you sell your waking life for minimum wage, but now they get your dreams for free.



The worst mistake that you can make is to think you're alive when really you're asleep in life's waiting room.
I Am Spartacus

User ID: 501302
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11/25/2008 02:25 PM
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Re: Citigroup collapses! Banking Shutdown Possible
does this mean doom for the holidays is back on?
Yours Truly!
Anonymous Coward
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11/25/2008 02:26 PM
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Re: Citigroup collapses! Banking Shutdown Possible
Give us more, and consider the source.
Anonymous Coward
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11/25/2008 02:27 PM
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Re: Citigroup collapses! Banking Shutdown Possible
Think ye that a rich man gives a fuck about a poor man?
Anonymous Coward
User ID: 472894
United States
11/25/2008 02:28 PM
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Re: Citigroup collapses! Banking Shutdown Possible
[link to www.moneyandmarkets.com]
Another source
Anonymous Coward
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11/25/2008 02:28 PM
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Re: Citigroup collapses! Banking Shutdown Possible
Citigroup hasn't collapsed...this is
bsflag
Anonymous Coward
User ID: 472894
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11/25/2008 02:29 PM
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Re: Citigroup collapses! Banking Shutdown Possible
 Quoting: Anonymous Coward 472894

And now, here we are, nearing the end of the road with the largest banks of all endangered and with no larger bank that can swallow them up. It’s a day of reckoning that leaves me no choice but to issue this three-part warning:

Despite the U.S. government’s massive Citigroup bailout, it is going to be difficult for the global banking system to survive the shock to confidence for very long.

Even if insured depositors do not pull out their funds, uninsured institutional investors are likely to run with their money, threatening to bring the system down.

And alas, even if you have your money in a safe bank with full FDIC coverage, you could be adversely impacted.
How will the events unfold? That’s a massively complex question that demands an extremely cautious and thoughtful answer. That’s why, this past August, we devoted a full hour to this question in our “X” List video, naming the most likely candidates for bankruptcy. So let me review its primary conclusions and then take this discussion to the next level.

Most prominent on our August “X” List was Citigroup, America’s second largest banking conglomerate with over $2 trillion in total assets. The bank was already suffering crushing losses in mortgages. But at mid-year, it still had close to $200 billion in other mortgages on its books, denoting the strong possibility of many more to come.

In addition, Citigroup had a massive portfolio of credit cards — 185 million accounts worldwide — that we felt could be the final nail in its coffin. Even before the most recent episode of the global financial crisis, Citigroup’s losses on bad credit cards had surged by 67% from a year earlier. Worse, the number of credit cards 90 days past due was going through the roof, foreshadowing more large losses on the way. All of these weaknesses were detailed in Citigroup’s financial statements.
Sara-Ka-El

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11/25/2008 02:30 PM
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Re: Citigroup collapses! Banking Shutdown Possible
Let Capital ONe and Bank of Apartheid follow suit!
From Cooperate Law to Public Defense

Truth is a Stranger to Fiction

Learn to Swim

In the Instancy of Atomic Love, the Footloose are Dead
Anonymous Coward
User ID: 546518
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11/25/2008 02:31 PM
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Re: Citigroup collapses! Banking Shutdown Possible
Well at least the bankers and politicans will have money to live in splendor. To bad the rest of us have to resort to eating each other to survive.

doesn't matter really. If we don't nuke ourselves something else bad will happen.

Just enjoy life right now. And don't trust authority.
Ignob
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11/25/2008 02:31 PM
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Re: Citigroup collapses! Banking Shutdown Possible
The Gov tossed in $20b and pledged to cover another $300b of toxic waste derivatives that Citi has.

Your (future) tax dollars at work! 5a
Anonymous Coward (OP)
User ID: 512611
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11/25/2008 02:32 PM
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Re: Citigroup collapses! Banking Shutdown Possible
I don't know WTF happened. It looks like they just took the money and ran. I found this article on infowars and tried to verify it on global research, which is down.

Black Friday in more ways than one?
riker

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11/25/2008 02:48 PM
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Re: Citigroup collapses! Banking Shutdown Possible
Still doesn't look very promising, after a freakin bailout and all.

[link to data.cnbc.com]
You shall know the TRUTH, and the TRUTH shall set you free.
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ANNONYMOUS
User ID: 559072
United States
11/25/2008 02:53 PM
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Re: Citigroup collapses! Banking Shutdown Possible
5a

MODS WHOEVER IS ON THIS SHOULD BE PINNED!
Anonymous Coward
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France
11/25/2008 02:57 PM
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Re: Citigroup collapses! Banking Shutdown Possible
bump

Larouche said it one year ago, Citi cannot survive any longer, the loses are immense .........
mizerock

User ID: 42318
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11/25/2008 02:59 PM
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Re: Citigroup collapses! Banking Shutdown Possible
Well, sure, why not. The whole investment economy was based on lies and crazy assumptions.
Anonymous Coward
User ID: 418693
United States
11/25/2008 03:02 PM
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Re: Citigroup collapses! Banking Shutdown Possible
Well that sure was quick. So it seems we have a contest going of who can blow through bailout money fastest. First AIG had to ask for more and now Citi and yet that won't be enough for either in the long run. How sad.
Anonymous Coward
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11/25/2008 03:07 PM
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Re: Citigroup collapses! Banking Shutdown Possible
[link to www.globalresearch.ca]

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