This is why you should short Citibank

i remember when i started trading in 1990 and all the older customers at the brokers office were talking about how close citi,chase and chrysler were to chap 11...in 1990 all 3 of those were trading between 6 and 10 dollars(this is non adjusted 4 splits etc in actual 1990 print)...
I also remember 2 yrs ago when amd was at 20 then went up to 40 in a few months and mer said it was a buy.It then tanked all the way back to 15...At which point mer said it was a sell.From there amd went straight up to 27!!!!YING-YANG anyone?
 
Quote from arealpissedgoy:

Citibank has its friendly deep pocketed Arabs to bail it out. Plus it's beginning to do well with it's Chinese ventures.

WAMU is the one I'd be shorting to oblivion.
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Ding, Ding, Ding....

We have a winner.

Posted the exact same thing under the C thread the other day....

As far as the Morgan Stanley "Top Short", I'd say they're probably better positioned fright now for the coming squeeze.

Regardless, like Houndog says, C is a mover daily right now and it's been one hell of a boon for a trader.
Right now it's all about the new guy's plan and I think the street in general is definitely (literally) selling him short. I'll take the other side of that over time. The only thing I know, when the trade becomes so obvious, you'd better be looking for your position on the other side.

As far as Rogers, bowties are neat and if I you can do well on generic calls about general things.... well good for you!

Good Luck!
 
Quote from traderNik:

Sounds like they're piling on. Why wouldn't they - the lower it goes, the bigger a position the pros can accumulate.
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I like this thought....
 
Quote from Alex_in_Oz:

about twelve months ago Jim Rogers was talking up base metals.

Anyone seen the price of Copper, Zinc, Nickel and Aluminium lately?

No wonder he packed up and left for China!

(I would have done the same thing in his position)

Jim Rogers is little more than a flim-flam man these days.
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Dude, check out the prices of oil, natural gas, and agricultural products. In case you don't know, metal prices are always highly volatile.
 
Quote from dsq:

"Citibank has processed 72 tax-ID loans nationally since October 2004, half in California"

I dont understand 72 loans because i can tell you here in los angeles there are thousands of undoc residents who bought homes in the mania...my friends gardener got an arms loan for 600K and now is in doodoo and running around begging for money to pay his readjusted mortgage....that house could be had for 40k in iowa....The scary thing is the real estate market still hasnt tanked...MAybe 15% off the highs...i expect these 600k shoeboxes to be selling for 200k or less in 2010.
If washington mutual stock has been slashed 66% and citi 40% i can only expect real estate to see the same.I think a mass panic is going to happen where prices just crash rapidly or 10k a month for 2-3 yrs....

BTW,i walked into my wamu bank 2 weeks ago and the teller asked if i wanted a credit card!!!!!I was thinking are u crazy,no wonder this bank is in the chit hole-the stock that day was at 21$...today 15$
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Poignant story about what happened when you walked into your local Wamu. Thanks.
 
Quote from wilburbear:

Poignant story about what happened when you walked into your local Wamu. Thanks.
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This is no different from other banks that solicit you by mail.
 
Quote from Retired:

This is no different from other banks that solicit you by mail.
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Listen to my story here. I opened an account with deutsche bank 2 months ago. The banker asked me if I wanted a mastercard, I replied: No thanks, don't need it. And I probably won't pass the application criteria anyway because I just quit my job. He answered: there are no application criteria and it comes with the account if you don't want it, you can always choose not to use it.
Didn't want to argue anymore at that point, and am i now the proud owner of an unused Deutsche Bank Mastercard.
 
Quote from Chuck Krug:

Listen to my story here. I opened an account with deutsche bank 2 months ago. The banker asked me if I wanted a mastercard, I replied: No thanks, don't need it. And I probably won't pass the application criteria anyway because I just quit my job. He answered: there are no application criteria and it comes with the account if you don't want it, you can always choose not to use it.
Didn't want to argue anymore at that point, and am i now the proud owner of an unused Deutsche Bank Mastercard.
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What I forgot to add was that the account also came with an unasked for line of credit on it!
 
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