One Thing Separates Citi (C) From Bear and Lehman, Is It Enough?
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With Citi (NYSE: C) shares in absolute free-fall today it has scary similarities to Bear Stearns and Lehman Brothers before their collapse. Today the scuttlebutt is that the Treasury and Fed could have another extended work week, which we all know means someone is dying.
First the similarities between Bear, Lehman and Citi:
- Stocks in free-fall
- Bloated balance sheets with assets no one knows how to value
- Inept management
- Keeps saying to investors and the media that they have ample liquidity
- Large well-know shareholders increasing their stake (Joseph Lewis for Bear, Prince Alwaleed for Citi)
- New York-based headquarters
- Blown-up hedge fund assets
- Similar business operations
- No new revenue streams
But there is one thing that is different at Citi:
The one thing that is different at Citi is that executives, during the crisis time, have dipped into their own wallets and bought shares in the open market. With Citi there were seven: CEO Vikram Pandit, Director Richard Parsons, Director Robert Ryan, Chief Risk Officer Brian Leach, Head Global Capital Markets James Forese, Head Global Banking Edward Kelly, Director John Deutch.
For Lehman = None
For Bear = None
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Comments
One Thing Separates Citi (C) From Bear and Lehman, Is It Enough?
That would be too insginificant
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One Thing Separates Citi (C) From Bear and Lehman, Is It Enough?
sandeep on Nov 22, 2008 06:17 AMThat would be too insginificant