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(CNBC)   CitiGroup profit falls 57 percent on news that investing in Dick and Jane Smith being able to afford a $500,000 condo by working doubleshifts at McDonald's was a really bad idea   (cnbc.com) divider line 16
    More: Obvious  
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826 clicks; posted to Business » on 15 Oct 2007 at 3:25 PM (6 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



16 Comments   (+0 »)
   

Archived thread
 
2007-10-15 01:02:30 PM
time to purchase stock
 
2007-10-15 03:27:49 PM
What they lose in bad mortgage loans they more than make up for in credit card fees. Motherfarkers.
 
2007-10-15 03:36:54 PM
millertrey: What they lose in bad mortgage loans they more than make up for in credit card fees. Motherfarkers.

Yep, I'm pretty sure we're done here.
 
2007-10-15 03:44:15 PM
Run on sentences are bad. tsk tsk.
 
2007-10-15 04:22:47 PM
I knew it was bullshiat when I was approved for a loan. I ran like hell the other way. Now I'm in my apartment laughing at these assholes and waiting for the market to implode so I can finally afford a house that I'll never get mortgage approval for! Woo Hoo!
 
2007-10-15 04:47:34 PM
What a shiati bank.
 
2007-10-15 08:05:27 PM
It's only third quarter earnings. What did the first and second do?
 
2007-10-15 09:51:46 PM
Who will present the Rose Bowl now??!
 
2007-10-15 10:26:07 PM
where are all the 'corporate welfare sucks' liberals right about now?

/suck it, CitiGroup. You got about $400.00 of interest from me.
 
2007-10-15 10:28:22 PM
I hate Chevy: I knew it was bullshiat when I was approved for a loan. I ran like hell the other way. Now I'm in my apartment laughing at these assholes and waiting for the market to implode so I can finally afford a house that I'll never get mortgage approval for! Woo Hoo!

What's doubly beautiful about this housing market is that MY house is in a segment that's selling still (entry level housing, 120-150k), but the housing market segment that I'm headed into (200-250k) is SERIOUSLY depressed, and I can expect a 20-40k discount on the house.

I truly do love America and their idiot 'get-rich-quick' real estate speculators.
 
2007-10-16 12:02:29 AM
millertrey: What they lose in bad mortgage loans they more than make up for in credit card fees. Motherfarkers.

This is really all I need to see in this thread.

Thanks millertrey.
 
2007-10-16 01:50:45 AM
millertrey: What they lose in bad mortgage loans they more than make up for in credit card fees. Motherfarkers.

What are these "credit card fees" you speak of? I spend $1000 on my card, I pay them $1000. If your card charges fees you should get a new card.
 
2007-10-16 01:53:07 AM
I thought that 2007 was the year of "No Excuses", Mr. Chuck Prince.
Looks like another year of negative operating leverage.

millertrey
What they lose in bad mortgage loans they more than make up for in credit card fees. Motherfarkers.

Not strictly true (if it were, they wouldn't be taking a 57% drop in profits hit). The securitizations for Citi's credit portfolio aren't going well, and they've had to increase reserves.
 
2007-10-16 09:12:51 AM
Hoe Muffin: I thought that 2007 was the year of "No Excuses", Mr. Chuck Prince.
Looks like another year of negative operating leverage.

millertrey
What they lose in bad mortgage loans they more than make up for in credit card fees. Motherfarkers.

Not strictly true (if it were, they wouldn't be taking a 57% drop in profits hit). The securitizations for Citi's credit portfolio aren't going well, and they've had to increase reserves.


Stop using facts. It's rude.
 
2007-10-16 12:23:24 PM
OLD News

but in all seriousness, Citi is in a strong position. Not the strongest for the mortgage credit business (Goldman is in the best shape), but its doing pretty good.

Citi had a shiatload of positions on lots of ARM-related products that it had to liquidiate in august-september.

It surprising that Chuck wasnt replaced, but Tom Maheras's departure is good enough for wall street.

As long as Prince Ayud of Saudi Arabia is happy, investors are happy.

ANd prince ayud is at least satisfied...
 
2007-10-17 05:48:36 AM
just another tale of good old fashioned greed and recklessness.

It's what the US does best.
 
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