Citi Field ?
By Barry Ritholtz - November 25th, 2008, 4:30PM
Today’s NY Post:
“Wall Street people learn nothing and forget everything.” —Benjamin Graham
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November 25th, 2008 at 4:48 pm
I don’t understand why Citicorp isn’t being forced to spin off its insurance and brokerage units.
If companies aren’t forced to pay a price for receiving bailouts, there’ll be no end to it.
November 25th, 2008 at 5:35 pm
ouch. hey barry - is there any chance that HIG and LNC get their applications for TARP money rejected?
(you know the story - they each bought tiny little banks - in LNC’s case, $3.8MM in deposits, no branches, and 3 full time employees - and are now technically elligible for several billion in TARP funds)
November 25th, 2008 at 5:58 pm
A better name would be “Sucker Field”.
November 25th, 2008 at 6:40 pm
In response to the $800B hit today, Pissonme commented that the treasury was creating “A new Chinese menu of governmental facilities”. For how long?
November 25th, 2008 at 7:33 pm
Rename it to “Hudson City Savings Stadium”, after a bank led by an executive team who didn’t bankrupt their company in the name of windfall bonuses.
November 25th, 2008 at 9:01 pm
I mailed this today - felt like sharing
Citibank
c/o Customer Service Center
P.O. Box 6218
Sioux Falls, South Dakota 57117-6218
RE: ACCT **************************
I write this letter to exercise my right to Opt Out to the Change In Terms. I want to Opt Out.
As a customer of Citibank for more than four years I felt that you needed to know how upset I am with this new change in terms. Your decision communicates to me that you no longer wish to do business with me. This account is used to stock the shelves of a retail store which I own. I have been very thankful for the generous line of credit and predictable fixed interest rate on this account. It is largely due to this account and the accommodation of a large cash advance from it last year that has allowed me to successfully begin and grow a new retail business.
To announce a significant rate increase and change in terms on the verge of the holiday shopping season is bad business. Look at what a goldmine my small account has been for Citibank. I use my credit line to purchase retail inventory. Guess what happens to that inventory? It is purchased by customers swiping Citibank cards through my cash register. I understand that things don’t look great for Citibank right now and you’re scrambling to keep it all together. This appears to be a knee-jerk reaction from Citibank. If my customers are affected by these changes, as I anticipate they are, they will be less likely to use their cards and more likely to file bankruptcy. As this ripples through the economy, and the Prime Rate comes back up to a typical level, I wouldn’t be surprised to see retailers such as myself cease to accept credit payment at all.
In a time when the economy desperately needs people to keep spending money, you have just made it the official policy of Citibank to discourage spending.
Regards,
Brian D. McClerren
Owner
Media Cocktail
Lopez Village, WA
November 25th, 2008 at 9:51 pm
In honor of the 07 & 08 Mets and Citicorp, why not just call it Total Collapse Coliseum?
November 25th, 2008 at 10:33 pm
Hilarious!
(Ditto “Total Collapse Coliseum” … actually, that’s even funnier!)