Citigroup said today that AIG may have zero value after government rescue.
But the funny part about this is who is Citigroup. Citigroup is the biggest zombie bank. At the same time they are telling us that AIG is worthless they are giving us 34% stake in their weak-ass bank and they are "shaking up top management".
Citigroup Inc announced its biggest management shake-up since the financial crisis began, replacing its chief financial officer and installing a new banking chief as it prepares to give the government a 34 percent equity stake.
What about the CEO? Vikram Pandit is still there and calling the shots. Citigroup owes its existence to taxpayers.
Give me a fu*king break! What a weak attempt to distract the public and media attention from their troubles by floating some weak-ass story about AIG.
Pandit needs to go!
Obvious sign of some sort of boys club of some kind he's still there.
Pandit is likely on the way out...
only to be replaced by another member of the club
Citi was the only WS bank that didn't buy CDS's from AIG
Citi repackaged their own CDS's and sold them via in house SIV's.
Therefore, when the pass through was made through AIG to make all the holders whole - Citi didn't have an invite to that party. They had to eat their losses.
How Citi Blew Itself Up By Cleverly Avoiding AIG