3/10/08 Standing Buy order on Citibank at 19.10

[Mamon]

all right back in at 20.25, holding now

 

[Dawoofdaddy]

still holding?

17 and change today.

 

[CtGuy441]

still holding?

17 and change today.

i bought bank of america at 34 then againat 29.5

any opinions on what i should do?

3/4 years from now will it be at 40?

 

[Dawoofdaddy]

any opinions on what i should do?

Try prayer...sometimes it works.

Good luck.

:toast:

 

[Mamon]

I would say buy more at 16/17$ but I just can't. My C will be on the shelf for a bit. Still I think long term it's fine.

I did buy some KRE with a 6% yield and quite a bit safer.

 

[Dawoofdaddy]

I think I'll consider taking a shot with buying some C if/when it falls below 10 a share.

15 and change today.

 

[desrat]

Looking for sub 5 myself.

July 14 (Bloomberg) -- At an investor presentation in May, Citigroup Inc. Chief Executive Officer Vikram Pandit said shrinking the bank's $2.2 trillion balance sheet, the biggest in the U.S., was a cornerstone of his turnaround plan.

Nowhere mentioned in the accompanying 66-page handout were the additional $1.1 trillion of assets that New York-based Citigroup keeps off its books: trusts to sell mortgage-backed securities, financing vehicles to issue short-term debt and collateralized debt obligations, or CDOs, to repackage bonds.

Now, as Citigroup prepares to announce second-quarter results July 18, those off-balance-sheet assets, used by U.S. banks to expand lending without tying up capital, are casting a shadow over earnings. Since last September, at least $100 billion of assets have flooded back onto Citigroup's balance sheet, accompanied by more than $7 billion of losses.

``If you start adding up all the potential exposures, it's a huge number,'' said Sam Golden, a former ombudsman for the U.S. Office of the Comptroller of the Currency who now heads the financial-industry practice for restructuring adviser Alvarez & Marsal in Houston. ``The banks will say that it was disclosed. Investors are saying, `Yeah, but it was cryptic. We really didn't know what you were telling us.'''

U.S. banks already are reeling from more than $165 billion of writedowns and credit losses, so shareholders are wary of unknown obligations that might force them to take responsibility for additional troubled assets. The risks have become so obvious that accounting officials are proposing new rules -- some of which Citigroup opposes -- that would force many assets back onto balance sheets.

Full story

Wonder why C opposes the new regs?

I would stay away from all Financials as long term plays until this mess works itself out. Its a great pond to fish in for day, swing, or short term trades but if your looking for long term results I would wait this sector out. That include all the relevant ETFs IMO.

 

[TheFalls]

the additional $1.1 trillion of assets that New York-based Citigroup keeps off its books:



i'm not sure what to say about this..

but i think the article also says that ms keeps 400 billion off its books and merrill keeps several billion off as well...

 

[Dawoofdaddy]

Looking for sub 5 myself.

At 10, I will begin sniffing around and consider taking a shot. I agree with you that this pos C could fall well below 10.

Quite a few large financial institutions will not survive the current financial sector crisis.

Its long overdue that some of the garbage in the financial sector needs to be flushed down the toilet...where its belonged for a long time.

:aktion033

 

[Dawoofdaddy]

14 and change today.

:howdy:

 

[joelatti]

WOOF are you considering shorting/putting any Financials?

 

[desrat]

Been eying the +CMx puts, 2.5 through 10s. VIX chart is telling me that we will have capitulation and a reversal in the next few days. If it collapses to the low 20's and we get a rally I will be jumping in on them. I can't see C surviving the year as one company.

 

[Mamon]

I will be out buying Financials in force for the next year. That and way down stocks Like BGG.

 

[Dawoofdaddy]

big green today and back to 16.

fed doing what it can to save the ship from sinking.

%^_

 

[DeathEatsaCracker]

Can WM go to $0? Well, I guess it can, but how likely is it?

 

[Mamon]

Can WM go to $0? Well, I guess it can, but how likely is it?

Never going to happen. Gov will let some small banks go down but no more big ones since the press will be two much. My dad was in Banking and worked for Resolution Trust during the savings and loan crisis. That was way worse than now. He is licking his chops at the bank stocks but admits they are not at bottom quite yet and everyone has 5-8 months to find the best bank stocks. He has his list to buy and he's 80 and playing the market. GMotors is on that buy list too.

 

[desrat]

I wouldn't call Indymac a small bank, poof.

So the government is going to have the $ to bailout FRE, FNM, Investment Banks, and all the big banks? Hope your ready for >$12.00/gal gas & milk as all that taxpayer burden buries the dollar.



WM is definitely a high risk for FDIC intervention, right along with WB, DSL, FED, and any other lender with the same CA & FLA exposure. When the dust settles, this crisis will eclipse the S&L one. MY bets for the only financial institutions to still be standing at the end are JPM and BAC ( in spite of the Countrywide fiasco). There will be others but its too early and murky to tell who it will be.

Why would you be keen on investing in a sector that has so much downside and so little upside potential? The backlash from all of this is going to be OVER regulation, possible return of some of the Glass Steagall legislation limiting the roles of institutions, creating a sector of stocks with no where near the potential to make the profits they have for the last 15 yrs.

DEAC - here is a small slice of the toxic waste WM is holding.

This cesspool from May of 2007, was 92.6% originally rated AAA, even though loans had full doc only 11% of the time. In one year, the pool was 29.07% 60-day delinquent or worse. Of that, 13.87% is in foreclosure and 6.21% is bank owned real estate.

 

[Mamon]

KRE went to the black finally since I bought it at 26.80. Bgg went up since I bought it too.

Back to oil in PGH (14.7 yield) for now then back to banks after next dip.

And I didn't say indymac was not big just that no more BIG banks will go down

 

[Mamon]

Remember this is a buyer's market for some time. Find the extra money. A year or two from now even with mistakes, buy and hold almost doubles with dividend stocks. Sell only in dire times and in profit taking.

 

[Mamon]

Remember this is a buyer's market for some time. Find the extra money. A year or two from now even with mistakes, buy and hold almost doubles with dividend stocks. Sell only in dire times and in profit taking.

Also some one should explain the rebalancing thing with stocks and bonds. It means buy low! and hold.