Thread: Citi posts 5.1 billion $ loss?

"April 18, 2008, Citigroup (NYSE: C) Reports Net Loss of 5.1 Billion For First Quarter, -$1.02 per share"

What does everyone think of this? It's one creditor after another that's taking hits. I wonder if we've seen the worst of it yet or if there's still more bleeding to go?

Apparently Citi's loss was "primarily" because of "fixed income" and "higher consumer credit costs" so I wonder if people are defaulting on payments of their credit cards too?

Citi has treated me pretty well so they're not a company I want to see bleed. No there's another credit card company I'd love to see hurting but I won't say their name.

Well Wachovia only posted a $350 mil loss first quarter so they're doing great too

Seems like all the big financial companies are taking whoppers of hits. I mean bear stearns was like the 5th biggest investment bank in America and they just collapse out of no where. I think the big gamblers (like Bear Stearns) will go but everyone else seems to be hedged pretty good to limit their hits. I'm sure they'll be okay but will just go through tough times for a few quarters.

I read on CNN's website that Citi is actually looking to raise more money now and this is on top of a surge of big outside funding they already got. I wonder if they're really in that bad of shape? They might just be doing it to be safe.

Am not heartbroken about Citi's "big" loss. On the evening of September 10, 2001 I mailed off my payment to them. Because of what happened on the 11th, mail didn't go anywhere for a few days. Bingo - these bums actually hit me with a late charhe because it arrived there after the due date. When I disputed that late charge with that explanation all they said that I should have paid it online to insure timely delivery. And they refused to reverse the late charges.
But ultimately I got the last laugh because in 2004 I burned them to the tune of about $5000 when I included them in my bankruptcy filing.