Citigroup has taken more than $40 billion in writedowns since the middle of 2007.
Apparently they indicated in their meeting on Monday with employees that losses will be $4.9 billion in Q3 with losses going up $1 to $2 billion each quarter. That means next June the company could lose up to $10 billion.
Anyone else need a stiff drink after reading that?
Wow. Where was the board during all of this? I mean, these guys lost an INSANE amount of money and no one seems to be losing their shirt except the U.S. taxpayers (for the time being). I sure as heck feel now that Robert Reubin shouldn't be the Treasury Secretary in Barack Obama's Cabinet as the guy has been paid $15 million per year as a board member and investment banker at Citigroup since leaving the Clinton presidency. What was his role in this?