I tried embedding a Windows Media version of several recent Bloomberg Videos yesterday, but somehow, we ended up with the autorun feature on, regardless of the setting.
This morning, I will embed it into a page after the jump to prevent that from autorun reoccurring:
Click for video
Citigroup Inc. Chief Executive Officer Vikram Pandit faces an "impossible feat” in turning around the biggest U.S. bank as it faces “seismic” costs to restructure, Oppenheimer & Co. analyst Meredith Whitney said.
Citigroup will be forced to announce the sale of major businesses toward the end of this year or in early 2009, Whitney, who recommends investors sell the shares, said in a Bloomberg TV interview today. One of the units could be Banamex, the company’s Mexican branch, she said.
Whitney, 38, correctly predicted on Oct. 31 that New York- based Citigroup would cut its dividend to shore up capital after mortgage-related writedowns. Pandit on May 9 outlined plans to sell $400 billion in assets at the bank, which has booked more than $40 billion of credit losses and writedowns since the subprime mortgage market collapsed last year.
Source
Citi’s Pandit Faces `Impossible Feat,’ Whitney Says
Margaret Popper and Josh Fineman
Bloomberg, May 12 2008
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aTsLEkAPZJAE
This is “just” part of a cycle of getting rid of excesses. Painful and longer then I thought was necessary, but with the right “medicine” we will get through this and move on.
A big Nothingburger?
Just like GM’s write off of their deferred tax assets?
Banker – who else are you long. I need some more short opportunities.
Wow those ‘smart money’ SWFs really stubbed their collective toes.
I predict droves of those financial types getting ousted on Wall Street will end up “advising” the SWFs over the next cycle. At least until the SWF’s realize the financial types uselessness, as we have (mostly.)
Why not put your $100B into the global index and sit back and enjoy the ride?
meredith whitney is fighting a bad trade right now. her march 17, ultra-bearish call was just about as wrong-way as you can get: http://mybackpagesbyjessefelder.blogspot.com/2008/05/chart-of-day-fighting-losing-trade.html
Very relevant and full of reality. Not one other analyst even comes close to exposing the reality of C’s denial to everyone….including themselves…
Pandit is just like BB…..a shill for the real “managers”.
Ciao
MS
Her 17 Mar call does look bad, but she was right about a lot for a long time.
If she drives to work, I hope she has her secretary go out and start her car every afternoon before she tries to drive home.
she is still correct…the fundamental aspects have not changed just the constant manipulation of the stock.
Just ’cause the stock rises on Ben’s “happy money policy” shouldn’t change the reality of it’s own failure to adapt.
I agree with the car part….hope she has a good security service.
Ciao
MS
Video does not appear on either Firefox or Safari on my Mac….
She’s been a(n), all too rare, bright Beacon of clarity on these fog-enshrouded waters–colloquially termed: “subprime crisis”.
That her safety can, seemingly, reasonably, be feared for, should make us wonder how different, from the DPK, we really are.
It was intended as a joke. The size and wealth of some of the players is scary, but if you start taking it too seriously, you wind up out in the Gamma Quadrant poring over pictures of the Grassy Knoll. But ya nevah know. :)
I think she may have had a bigger effect on the share price in the months leading up to the March plunge. Now there’s no surprise. She’s more of a poster girl for what happened. Her comments may have an effect on her employment prospects, but she probably discussed that with Oppenheimer before she went off the reservation. It’s a well known conflict of interest, and this ain’t her first time at the rodeo.