Citi's Fall Continues as Bank Weighs Options NEW YORK -- Citigroup Inc.'s stock fell as much as 24% Friday to a new 15-year low, as the giant bank's board met to consider its options amid a deepening market rout. Just two months ago, Citigroup was seen as a possible rescuer for a floundering Wachovia Corp. Now the bank, still freighted with troubled assets and facing mounting losses on consumer loans as economies around the world slide into recession, is facing a flight by investors worried it won't be able to stem its losses and turn things around. While some executives are starting to consider contingencies that could involve selling off entire lines of business or even putting the bank itself on the block, the bank continues to insist it has ample capital and its strategic direction is sound.
NEW YORK -- Citigroup Inc.'s stock fell as much as 24% Friday to a new 15-year low, as the giant bank's board met to consider its options amid a deepening market rout.
Just two months ago, Citigroup was seen as a possible rescuer for a floundering Wachovia Corp. Now the bank, still freighted with troubled assets and facing mounting losses on consumer loans as economies around the world slide into recession, is facing a flight by investors worried it won't be able to stem its losses and turn things around.
While some executives are starting to consider contingencies that could involve selling off entire lines of business or even putting the bank itself on the block, the bank continues to insist it has ample capital and its strategic direction is sound.
Argggg, Maties! Here's what shell-shocked financiers are laughing at on Wall Street Friday morning in a phony Bloomberg story: Somali Pirates in Discussions to Acquire Citigroup By Andreas Hippin November 20 (Bloomberg) -- The Somali pirates, renegade Somalis known for hijacking ships for ransom in the Gulf of Aden, are negotiating a purchase of Citigroup. The pirates would buy Citigroup with new debt and their existing cash stockpiles, earned most recently from hijacking numerous ships, including most recently a $200 million Saudi Arabian oil tanker. The Somali pirates are offering up to $0.10 per share for Citigroup, pirate spokesman Sugule Ali said earlier today. The negotiations have entered the final stage, Ali said. "You may not like our price, but we are not in the business of paying for things. Be happy we are in the mood tooffer the shareholders anything," said Ali. The pirates will finance part of the purchase by selling new Pirate Ransom Backed Securities. The PRBS's are backed by the cash flows from future ransom payments from hijackings in the Gulf of Aden. Moody's and S&P have already issued their top investment grade ratings for the PRBS's.
Argggg, Maties! Here's what shell-shocked financiers are laughing at on Wall Street Friday morning in a phony Bloomberg story:
Somali Pirates in Discussions to Acquire Citigroup
By Andreas Hippin November 20 (Bloomberg) -- The Somali pirates, renegade Somalis known for hijacking ships for ransom in the Gulf of Aden, are negotiating a purchase of Citigroup.
The pirates would buy Citigroup with new debt and their existing cash stockpiles, earned most recently from hijacking numerous ships, including most recently a $200 million Saudi Arabian oil tanker. The Somali pirates are offering up to $0.10 per share for Citigroup, pirate spokesman Sugule Ali said earlier today. The negotiations have entered the final stage, Ali said.
"You may not like our price, but we are not in the business of paying for things. Be happy we are in the mood tooffer the shareholders anything," said Ali.
The pirates will finance part of the purchase by selling new Pirate Ransom Backed Securities. The PRBS's are backed by the cash flows from future ransom payments from hijackings in the Gulf of Aden. Moody's and S&P have already issued their top investment grade ratings for the PRBS's.
