One thing must be said for Chuck Prince, who left Citigroup (C) todayafter four years. He could take a beating. From the moment the CEO’s chair was vacated by the ample frame…
Dear Board of Directors at Citigroup, 24/7 Wall St. has made no secret since early December 2006 that Chuck Prince needs to go. Mr. Prince is not incompetent and he is not…
Douglas A. McIntyre According to a report in The Wall Street Journal, Citigroup (C) CEO Charles Prince will offer his resignation at a board meeting on Sunday. There is speculation that the bank will have…
Douglas A. McIntyre AMBAC (ABK) Bond insurance company dropping like a rock on fears that it has huge exposures to CDOs. Down to $21.62 from 52-week high of $96.10. Security Capital Assurance (SCA) Another bond…
It seems while Merrill Lynch (MER) was losing all of that money on mortgage-backed financial instruments it was trying to unload them to save the company’s skin. Nice idea if you can…
Douglas A. McIntyre Assured Guaranty (AGO) Small bond insurance company. Wall St. hates bonds. Drops to $17.79 from 52-week high of $31.99. AMBAC (ABK) Big bond insurance company in world where bonds are bad. Down…
Ambac (ABK), the bond insurance company is down 19% today to a 52-week low of $30.10. The high for the period is $96.10. Competing firm MBIA (MBI) is already signalling big trouble.…
Citigroup was indicated lower earlier today on a downgrade to an "Underperform" rating out of CIBC World Markets. CIBC notes that Citi may need to sell assets to raise cash (ouch, some…
Douglas A. McIntyre Citigroup’s capital levels are way down. Part of this comes from a drop in the value of its asset base and part from a string of acquisitions that the bank has made.…
According to Reuters, US car sales are expected to have fallen in October. Reuters writes that China has approved the trading of stock futures. Reuters reports that Google (GOOG) is in talks…
According to Reuters, a number of experts do not believe that a rate cut by the Fed will help the falling housing market. Reuters writes that Alcatel-Lucent (ALU) will cut another 4,000…
Bond seer Bill Gross of PIMCO issued his November outlook and is looking for the FOMC not to just need a rate cut this week. He believes that the FOMC will need…
After taking Merrill Lynch’s (MER) stock from $35 in early 2003 to $98 earlier this year, the company’s board sacked CEO Stan O’Neal for one bad quarter. O’Neal came across as a…
According to The New York Times "economists say the troubles in the mortgage market could, all told, cost financial firms and investors up to $400 billion." The figure includes losses in home…
Back in the day when Merrill Lynch (MER) was minting money and the stock was at $98, it had made a run from $35 in early 2003. That was just this last…
