Friday, November 2, 2007

Looks Like a Big Weekend at Citigroup

The Board of Citigroup (C) has scheduled an emergency meeting for this weekend.

When a company worth nearly a quarter trillion dollars loses 1/4 of that worth in half a month, folks need to know what is going on.

- Is Prince finally out?
- Is the dividend safe?
- Are more write-downs coming?

My guess? More write-downs and the end of the reign of Prince. More write downs will be bad depending on the size of them obviously. The end of Princes reign wil be greeted with glee from investors.

Prince did what he was hired to do, get the company out of the legal and regulatory mess it was in. Now Citi needs someone to take them to the next level and Prince just is not the guy for the job.

Shares are up almost 2% after hours on the news...

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