Well, it looks like Citi will be safe after all. But the dividend is going down to no more than one cent per common share for the next few years or so! Read one of the first reports here.
I wonder how much of a rally it will see on Monday? My guess is that it will go up about one dollar. If I could buy some right now, I would. This looks like a great opportunity, but it’s raising awful, horrendous questions about the future worth of the US Treasury… I see massive inflationary problems ahead as soon as there’s a whiff of market recovery. And the US dollar going down, down, down…
Either way, the Citigroup development of the past week is good to compare with the article I wrote earlier on how safe the banks still really are or are not. The Citi problem was well-contained within the space of about a week – they acted really quickly – but how much more money is the government going to print if the same thing happens next month to – gasp! – Bank of America?
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