Sunday
Nov232008
Citigroup bank might be saved through the recession.
According to reports from ABC News, Citibank is having a hard time and might need to be assisted by the government.
Although this is somewhat expected, I don't think we can afford to pay the debt of a bank. We are all having to deal with this recession. I don't know how they can afford to pay for Citigroup and expect this to help bolster the economy. I guess only time will tell!!!
[ad#ad2-right]The company has seen its shares lose 60 percent of their value in the past week, reflecting a crisis of confidence among skittish investors. They are worried all the risky debt on Citigroup's balance sheet will turn into losses as the economy worsens and the markets stay turbulent — losses that could be nearly impossible to reverse.
[via ABC News]
Although this is somewhat expected, I don't think we can afford to pay the debt of a bank. We are all having to deal with this recession. I don't know how they can afford to pay for Citigroup and expect this to help bolster the economy. I guess only time will tell!!!
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