Citi-Morg
By Barry Ritholtz - January 12th, 2009, 1:50PM
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That’s what you get when you merge Citigroup and Morgan Stanley . . .
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"Organized crime in America takes in over forty billion dollars a year and spends very little on office supplies." —Woody Allen
Macro Notes
NAHB survey sees no lift from tax credit extensionPeter Boockvar
The Nat'l Assoc of Home Builders sentiment survey was a weaker than expect= ed 16, 2 pts below the estimate and down from 17 in Nov. It's the weakest= reading since June. Present conditions fell 1 pt to 16 and the Future out= look fell 2 pts to 26. Prospective Buyers Traffic was unchanged for a 3rd= month at 13. It's apparent that the industry didn't get much lift from th= e extension of the home buying tax credit into the spring and begs the que= stion of how much was the pull forward of demand when it was first...
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January 12th, 2009 at 1:51 pm
Its bouncing around trading desks today . . .
January 12th, 2009 at 1:53 pm
Morgue city.
January 12th, 2009 at 1:54 pm
That is fantastic.
January 12th, 2009 at 2:11 pm
This is playing out just like I thought it would. Reality slowly sinking in. Not always right but this time I think I am. Look out below.
January 12th, 2009 at 3:16 pm
You too could work in citistan — or as everyone calls it “shittystan”?
January 12th, 2009 at 3:20 pm
What do you get if you cross Goldman Sachs with Citigroup?
Sachs and the citi.
January 12th, 2009 at 3:28 pm
if anyone wants to see, in crystallized form, the Nature of our, current, “FinServ”-Industry, they should check out: http://www.icerocket.com/search?tab=web&fr=h&q=primerica+financial+services
I’ve always found it interesting that this subsidiary of C, Primerica Financial Services, never received that much “Play” in the MSM..
A greater collection of sociopaths would be difficult to find..
Of course, there Are some in the FinServInd that do provide a tremendous service, they, sadly, though, are few, and far between..
January 12th, 2009 at 3:51 pm
GloomBoom @ 3:20
Thank you, Jay Leno.
January 12th, 2009 at 4:16 pm
By any name, this rose would stink.
January 12th, 2009 at 4:40 pm
I wonder what the new logo will be?
January 12th, 2009 at 4:40 pm
Citi-Morgue. Do we get an autopsy?
January 12th, 2009 at 4:44 pm
Smith Barney and Morgan Stanley are merging, so I think they’ll call it:
BaMoStan
January 12th, 2009 at 5:01 pm
Alcoa reported brutal earnings just now. The bottom must be in.
January 12th, 2009 at 5:07 pm
That’s where old CEOs, old BANKS, old IVY-LEAGUERS go for their autopsies… (sorry if you’re an ivy-leaguer with ethics, I exclude you.) We should make it a museum – Citi-Morg Financial Modernization Museum – so we never forget, like the holocaust… I’m serious. We could have portraits of all the Masters of the Universe and so on. This could actually be fun…
January 12th, 2009 at 5:10 pm
Oh, forgot to add my mantra: GOLDMAN SACKS-USA
January 12th, 2009 at 5:28 pm
I’m starting to wonder if Citi is going to get YET ANOTHER (goddamn) bailout. The stock price is getting near $5 again, they’re selling off part of the brokerage division, and Rubin is getting the boot. Signs that it could happen.
January 12th, 2009 at 5:36 pm
@ DL — remember, Obama is the president of HOPE — I just HOPE that we finally take Citigroup out behind the Fed and put it down. Either that, or dismember it in plain sight.
January 12th, 2009 at 5:37 pm
I woulda ended the previous post with an emoticon for a cynical smirk, but I don’t know what that one would be.
January 12th, 2009 at 5:38 pm
@Mannwich: I think we’re going to see a pop when Obama takes office. Not fundamentally based, but a pop, nonetheless. The current S&P forecasts are cut in half, to 42.26. Are you betting that’s optimistic?
January 12th, 2009 at 5:42 pm
@TrickStyle: I agree that we could get another decent rally in the coming weeks but any stimulus will then be baked into the markets because it’s become a fait accompli. Once reality hits that things won’t likely get any better, and in fact will get much worse in the next 6-9 months, we’re testing those prior lows and probably breaching them.
I think 42.26 for S&P is getting closer to reality, which will be more like around 35-38 or even a bit lower when all is said and done.
January 12th, 2009 at 6:30 pm
Macke on Fast Money tonite: compared either Citi or MS to a moldy couch with crabs that you leave out on the curb. Too funny, I hope he gets to keep his job.
January 13th, 2009 at 1:48 am
“Citi-Morg”
slogan:
Where your money goes to die.
Macke on Fast Money tonite: compared either Citi or MS to a moldy couch with crabs that you leave out on the curb.
And he has experience with this how?
January 13th, 2009 at 2:31 am
Lars 39
Autopsy could be the new computerized behavioural investing. Auto-psy. Sorry, still waking up
January 13th, 2009 at 6:07 am
A classic case of Rigor MorCiti …
January 13th, 2009 at 4:26 pm
Interestingly (or not) citigroup appears to have owned citimorg.com since 2005.
It’s like this whole sh!tpile was planned well in advance.
January 14th, 2009 at 12:29 am
@Mannwich – Oddly, Roubini’s blog has earnings at 50 to 60. Interesting.