Most companies would not be able to withstand a net loss of 21 billion since the mortgage crisis but CitiGroup is still kicking. There were rumors that the company may be up for sale, however, Vikram assured all associates that the company has no plan to do so. Perhaps the rumors were intentionally leaked out to the WSJ so that stock prices might rise - which it did.. temporarily.
Thursday, the stock fell 26% to $4.71 - lower than it's been in over 10 years despite Alwaleed Bin Talal's (Saudi royalty) offer to raise his stake in the company to 5%. Depressingly enough, stocks fell below $4 on Friday morning.
Is Smith Barney going elsewhere?
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