Citi Braced for More Bad News
Mar 5th, 2008 | By Charles Delvalle | Category: Featured, Stock Market InvestingYou’ve heard all about bailouts. But here’s one that keeps getting even worse.
Back in January, Citigroup (C) wrote down $18.1 billion in bad loans. And, thanks to Middle Eastern wealth funds, Citigroup got their butts saved. Well, at least for a quarter.
A new report by Merrill Lynch reports that they expect Citigroup to write down yet another $18 billion in bad loans! If this turns out to be true, that would mean Citigroup lost a total of $36 billion. And again, the sovereign wealth funds are talking about injecting billions more into this troubled banker.
But just because they are putting money into these desperate banks doesn’t mean you should, too.
Wait for a few months until all this financial turmoil starts calming down. You’ll know the time has come because the news coming out won’t be as bad.
When that happens, start looking at banks and find the strongest one to put your money into. You’ll get in on the deal of a century.
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Charles Delvalle is a self-taught market-timing professional and value analyst who's followed and invested in the market for the past ten years. He uses a unique combination of technical and fundamental research to pinpoint rapid profit opportunities with stocks and options.
Charles is also a staunch contrarian and takes pride in finding undervalued sectors and discovering undervalued, cash-rich companies. He frequently mocks government stupidities and points out the "inaccuracies (or lies, take your pick) that government reporting frequently dispels as "truth".
