iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,495 Blog Posts

Abu Dhabi Takes a Piece of Citi

I find it amusing how the “wheel-barrow” dollar, coupled with the obliterated stock price of C (thanks to the ‘credit crisis’), has paved the way for Abu Dhabi to step in and eat almost 5% of “the group” for a song and dance, or 7.5 billion dollars.

I’m not a protectionist. As a matter of fact, I believe Americans run their companies like fucktards. I just chuckle, not laugh, at how this government is allowing major institutions, like C, CFC or WM, fall by the wayside.

On this news, the market should spike tomorrow. However, I’m not ready to jump back on the bull train, until I see significant improvement in sentiment.

As you know, the fundamentals have not changed.

Hat tip: Dinosaur Trader

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113 comments

  1. Howie

    Was gonna buy some DIA calls today, then I decided to buy more the some……OK at the lows I brought some DIA calls…

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  2. Howie

    wait a minute I also brought some VMW puts!

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  3. DEVILDOG

    Makes me laugh too…America is so fucked up. Like I said we need a good DEPRESSION(bitch slap) to straighten our ass out! I’ll be SHORTING the BULLSHIT bounce assuming it happens. I can’t imagine why letting a bunch of ragheads own 5% of our largest bank while getting 11% annual interest until ’10 & ’11 is bullish, however, I’ll take the SHORT opportunity. George, Hank & Ben must be at their wits end to allow this purchase. Not surprising considering they are nitwits anyway. Another milestone for America the great…lmao.

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  4. Howie

    I gotta say, I lied up their…….no calls and no puts! ( damm short VMW down here )

    I sometimes get gitty when I see BIG NEWS HEADLINS……..and say stupied stuff,……..

    But this I mean, I am not at all suprised about the Adu AlBlo , 7.5 Billion, the terms are depsperate, but come ….who is suprised that more oil money is comming to C? and I don/t think it save the day, pops c yes, till when who knows, The market has more shows the that Marcos lady.

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  5. Woodshedder

    Fly, how can you say the gov’t is doing nothing? They are letting these folks prop up the bank!

    Who cares though… C’s stock will be in the shitter for the next year anyway. Let Abu sit on it while the stock pukes on itself.

    Frankly I’m finding myself more and more believing that the best way to get past all this is to let CFC, WM, C, etc. go bankrupt, and let all the smart guys who didn’t ruin their franchises with bad bets start with a clean slate.

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  6. Prospectus

    As long as the damge is limited to a handful of institutions, they’ll let them spin in the wind. But if the whole industry takes it in the shorts, they’ll get bailed out just like the airlines and Detroit. We’ll have yet another bill to send to the idiot taxpayers (that’s us).

    Oh, and Howie: Crack is whack, dude. Seriously.

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  7. Howie

    I do like the crack, and cheez whiz….however wow. I mean so….oil buying more c…..better, back up the trucks and load up, but do it in stages, you buy a little , average in and up….buy and hold, XLF…….time time time,,,,,,DIV worries…way no….sooo good, gotta buy and hold…….U disagree…..put the pipe down.

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  8. The Zombie

    DevilDoggie: Not only are you a negative, anti-American bear rooting for a depression, you’re a racist as well. Ever hear of karma?

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  9. The Fly

    Devil:

    Please keep the racial shit to yourself.

    Wood:

    Aren’t we all so scared of inflation?

    The Fed lost when they went neutral last meeting. By now, they should have indicated another cut.

    And, the gov’t should provide some sort of bailout.

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  10. Pudfucker

    Warren Buffett is sorta like this generation’s J.P. Morgan in that he’s the go to guy during financial crisis. I’d be surprised if he didn’t get a look at the Citi deal before it was offered to the Arabs.

    If he looked at it and passed, isn’t it kinda scary that he didn’t want to be paid 11% per year to take Citi equity risk even though it’s trading at 5 year lows?

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  11. The Fly

    This citi deal is bad news.

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  12. Steve

    Pud-I seriously doubt Buffet was given an opportunity before the A-Rabs considering they already have a significant interest in Citigroup.

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  13. Steve

    Of course this deal is bad news, but it is just the type of thing the markets need. It would be worse if we didn’t get this kind of news. Hell, we already know that everything is FUBAR. What the markets want now is something resembling a solution.

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  14. JakeGint

    Steve,

    That deal was shopped dude. You think the “Arabs” are some sort of racial monolith. There’s like a gold phone somewhere and the instititutional desks just use it to call “Arabs?”

    11% for a convert to wait on what is our largest money center bank is fucking scary dude, I don’t care if it was picked up by the Martians. I’ve done convert deals at 3% in this kind of interest rate environment.

    And friends, the asshole’s racial references aside, it’s not like the Doobies are known as the world’s savviest bidnessmen.

    This could be dumb money all over again, like Japan buying Rock Center in the eighties.

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  15. JakeGint

    Just what the markets need. Citi selling it’s equity (which is now trading at a 7% dividend yield for Joe Sixpack) for a mere 400 basis points higher, and, oh yeah, a higher spot on the balance sheet.

    Yeah, that’s great news for the market.

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  16. JakeGint

    Steve, to clarify my earlier point… it’s the Saudi prince that “already has a large stake” in Citi (if he still does.)

    These are Doobies. Different hats.

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  17. Steve

    I understand that they are a separate group from the Saudi’s, Jake. I just figured they all had connections down there, like the good old boy’s club up here, or something similar.

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  18. The Fly

    Just consider your losses “non-cash write offs.”

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  19. JakeGint

    From the Journal Online article:

    As a result of the deal, the investment authority known as ADIA will become one of Citigroup’s largest shareholders, with a stake of no more than 4.9%. The stake will exceed that of Saudi Prince Alwaleed bin Talal, long known as one of Citigroup’s largest shareholders, according to a person familiar with the situation.

    “This investment, from one of the world’s leading and most sophisticated equity investors, provides further capital to allow Citi to pursue attractive opportunities to grow its business,” said Sir Win Bischoff, the bank’s acting chief executive officer, in a statement.

    Yeah, kiss their asses Sir Winnie, you just sold ’em a pig in a poke, and you better keep that sucker on the line.

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  20. JakeGint

    I am short JPM. Buffet probably WILL back those guys.

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  21. JakeGint

    Someone is propping the yen carry trade in a big way right now.

    Gotta be central bank action.

    ____________

    Meanwhile, let’s see how long it takes the futures to “digest” what this “infusion” really means for the US banks….

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  22. BOOMER

    From a reader’s post at Billcara.com:

    “Scenario 1: The Fed sticks to its assertion that the risks for inflation and growth are now in balance, does not cut rates any further, and the U.S. economy grows past its credit crunch. If this happens, it would be massively bullish for the U.S.$, massively bearish for gold and potentially bearish for Hong Kong and Chinese equities (which are now anticipating more rate cuts). It would also be very bearish for U.S. Treasuries and government bonds around the world. Additionally, we would also most likely see a rotation within the stock markets away from commodity producers and deep cyclicals (which have been leading the market higher for years) toward the more traditional “growth” sectors, such as technology, healthcare, consumer goods, and maybe even Japanese equities.

    Scenario 2: The Fed sticks to its guns, does not cut rates, and the U.S. economy really tanks under the weight of the credit crunch. In essence, the U.S. would move into a Japanese-style “deflationary bust.” In this scenario, equities around the world, commodities, and the U.S.$ would collapse, while government bonds would go through the roof.

    Scenario 3: The Fed ultimately cut rates, but this fails to rejuvenate the system and get growth going again. This would likely mean stagflation. As such, gold and other commodities would do well, while stocks and the U.S.$ would struggle. Excluding bonds, this is increasingly what the market is pricing in today.

    Scenario 4: The Fed ultimately cuts rates, and succeeds in reigniting the economy. This would be good news for equity markets, commodity markets, and the U.S.$ (as world trade and foreign buying of U.S. assets would again expand, increasing the need for U.S.$s). Of course, this scenario would be terrible news for bonds.”

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  23. BOOMER

    I’ve been trying to do more homework lately… This Citi news item made me recall this, from Meredith A. Whitney of CIBC World Markets. She’s married to a pro wrestler. She made a great, gutsy call:

    http://www.nytimes.com/2007/11/01/business/01citi-web.html?_r=2&ref=business&oref=slogin&oref=slogin

    Stock was at $42ish… She called low 30s.

    Fly, you should have an “anti-asshat” award. She deserves one.

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  24. Juice

    Lets just call this (particular) bottom, the Fly I’m not gonna be the last bull in Rome standing bottom.

    Prince Ismokealottaweed was sharing his crackpipe with the Doobies & told them to but a piece of America. Thats how deals get shopped these days.

    ok, poll time: Who is gonna short this pop? Who is gonna dump their loser longs into this pop? Who is gonna buy this pop, short coverers included?

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  25. Dinosaur Trader

    Thanks for the h/t Fly.

    It’s the “golden Arab phone” that feeds me all my information. I just pick it up for a quick report on everything “Arab.”

    Funny, Jake.

    -DT

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  26. BOOMER

    http://gizmodo.com/gadgets/pico-projector/displaytech-supplying-micro-lcds-for-pico-projectors-technology-now-less-vaporous-326652.php

    Displaytech Supplying Micro LCDs For Pico Projectors, Technology Now Less Vaporous

    Displaytech announced they will be supplying 13 companies with micro displays for Pico Projector use. Displaytech’s Pico Projector technology, intended for use in cellphones, will be rolled out at CES 2008, and can project video onto any surface . It’s not the most exciting news, because it’s just a component, but it excites me because it means the ball is rolling on the oft-discussed technology. One of my biggest worries is that the Pico Projector will disappear into obscurity, never to be touched by consumer hand. And it would ruin my dream of entering large public spaces and projecting incriminating videos of Chen with various gadgets.

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  27. JakeGint

    Who’s Chen, your wife?

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  28. DEVILDOG

    Yeah let’s be PC. After all they are our friends. It’s not like their killing Americans or anything or ripping us off on oil.

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  29. BOOMER

    funny. no just lifted it from the article. i think some people are holding mvis round here

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  30. Steve

    I’m not buying this pop but I was buying last week and yesterday. Now I wait to see if the bulls hold this line or if the bears storm the gates.

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  31. CubsRock

    Is that Header pic new? “The Fly, going to cash since 2007”, lol.

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  32. Sam Sheepdog

    ‘Dog. One more time: This ain’t the place.

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  33. TraderCaddy

    Is Michelle Malkin a relative?

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  34. JakeGint

    Yeah, saw that last night.

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  35. JakeGint

    If she is, I want an intro.

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  36. Tcat49

    Bad play on XFML, have some spine. Big Gay Bears or not, they are getting ready to hit the switch on the chinese lotto machine and the XFML lotto ball is going to jump out of the hopper.

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  37. JakeGint

    There goes Citi — red!

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  38. BOOMER

    BOOM just printed 63. Something is up here.

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  39. tinFoil

    The whole world is looking for a bounce and short squeeze. In the meantime, the financial condition is worsening by the minute. Banks will be forced to sell equities -any equities that have a profit – to shore up their books before the end of the quarter. Businesses are in the same boat. The boat is drawing water.

    It is very scary to be short a market that has a history of rising after Thanksgiving. My Old timers disease recalls, 61 out of the last 64 years. But we have never had financial conditions like this since 1930. The only times it has been down, have been as a result of recessions.

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  40. gappingandyapping

    Christ so I guess this stake was bad news as C is red now. Too much bearishness out there.

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  41. Bison Burger

    MDVN is a screaming short.

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  42. kd

    Isn’t that kind of odd that we stopped those same buyers from buying ports, but when we are in a tight spot we beg them, (and I’m pretty sure there was some begging went on behind doors) to buy a piece of our country’s biggest, iconic bank. Man is this US of A is selling itself in a garage sale. WOW.

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  43. ok … one more leg down before we get a bounce that sticks

    doesn’t everyone know that the world is coming to an end?

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  44. JakeGint

    Gaps — of course it was bad news… who sells convertible equity at 11% when their dividend is 7%?

    Someone who just shat their pants, that’s who.

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  45. Steve

    FSLR is getting smacked around this morn, and yet JJ is still down 50% on his short sell.

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  46. tinFoil

    The available Arab oil wealth is $3T, what’s a few billions when you’re average return is 4.7%?

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  47. DEVILDOG

    Bought 5000 QID @ 41.27. SHORT 3000 NSR @ 33.91.

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  48. riverrat

    The $TICK has been mostly green so far, though now going slightly negative, but no where near the negative levels in the last 20 days. The bond futures have retreated almost a point.

    Still too early, but we might end up.

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  49. BOOMER

    Roll over, roll over
    And they all rolled over and one fell out
    10 bears in the bed and the little one said…

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  50. BOOMER

    Roll over, roll over
    And my stocks rolled over, and another stopped out
    9 stocks in the bed and the strongest one said…

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  51. Bison Burger

    Yeah, baby. KBH going str8 down.

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  52. Crawford

    And Daddy Bear said, “Why’d you fall out of the bed?”
    And the little one said, “I got too close to where I got in.”

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  53. BOOMER

    Roll over, roll over
    RIMM rolled over, cause we cant get a bounce
    8 stocks in my head, and my “other self” said

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  54. BOOMER

    Fucked over, fucked over
    All the bulls are dead, cause Tim Knight said…

    Roll over, roll over

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  55. Bison Burger

    Did Schumer just say Won Ton Bang?

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  56. JakeGint

    KD — go ask any 5% owner of any equity how much it’s worth to be a minority investor.

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  57. riverrat

    Senator, did you short CFC before you wrote your letter to get more money hair plugs to fix that wierd-ass hairline?

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  58. Bison Burger

    Senator Charles Schumer (D-NY):
    http://115.photobucket.com/albums/a391/kingpopgun/al2.jpg

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  59. JakeGint

    Chuck the Schmuck.

    Man, if even one Demorat takes an Econ 101 class, the whole GOP will be in some serious trouble.

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  60. Bison Burger

    Ron Paul is the only one who knows what’s going on in the whole Congress.

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  61. JakeGint

    Short alert:

    Take a look at STP re-enacting the famous Led Zeppelin hit of 1973:

    Triple Top Breakdown.

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  62. JakeGint

    It’s unfortunate that Paul is a nut.

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  63. cheesefried

    AEO looks to have found a bottom.

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  64. DEVILDOG

    BOUGHT another 3000 QID @ 41.08.

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  65. Juice

    In my not so humble opinion as opposed to Jakes not so humble opinion –

    Ron Paul is the only thinker outside the political box & by extension the only sane one of the bunch on both sides of the political aisle.

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  66. BOOMER

    I Still Remember – Bloc Party
    Corporation – Sigur Ros
    White Flag – Dido
    If You Love Somebody (Set Them Free) – Sting
    Sail On – Commodores
    Lonesome Loser – Little River Band

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  67. JakeGint

    Libertarianism is a good political philosophy for poli-sci class discussions.

    Sort of like communism — sounds great in theory, immediately falls to schite upon meeting the air of the real world.

    And I say this in the spirit of one who is (mostly) libertarian.

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  68. Juice

    careful there devildog …. the market is groping for a bottom to this current selloff

    you now have a shitload of company

    its all over the news .. the entire globe is aware of the problems

    even the Fly, itself, puked up his bullish outlook

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  69. Juice

    everything is great in theory but when the rubber hits the road, you need a free thinker who isn’t wed to previous opinions or self interest groups

    someone who can respond to any situation …. just like in the markets

    you flipped the switch to bear, Jake .. you know what I mean

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  70. Steve

    Bloc Party is good stuff, BOOM.

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  71. Steve

    Vote Huckabee.

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  72. DEVILDOG

    BOUGHT 5000 QID @ 40.68.

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  73. Bison Burger

    Abu Dhabi’s grease will burn for a few hours.

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  74. Juju bear

    This blog is degenerating into talking politics. Fly, put a stop to this and laser beam all the “politicos”.

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  75. kmorph

    Hey Boomer, I’m assuming you’re not lightening up on BOOM up here?

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  76. DEVILDOG

    Juice:
    Thanks for the words of caution, however, this market is going down. I’ve got plently of cash in reserve and I’m luvin this BULLSHIT bounce. BOUGHT another 3000 QID @ 40.59.

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  77. riverrat

    I think the rally today is for real. I would cover my shorts, if I was, which I’m not. We have taken out the Day high on the S&P, Russell, Dow and Nasdaq. The $TICK is above 1000. 30 year bonds down a point and a half.

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  78. Kid

    How are those FXP working out?

    Thanks for the FLY Bottom…

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  79. Dinosaur Trader

    2 words…. buy program.

    Just check the bounce in BIDU. Forget being short for a little while… at least a day or two.

    -DT

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  80. Steve

    Consumer Confidence is at 2 year lows and forward confidence at 4 year lows. Stocks should’ve sold off on this data but instead they are rallying, we are at the lows. Consumer Confidence is a good contrary indicator.

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  81. Pudfucker

    The psychology must be that since CITI had to negotiate such a horrible deal for a cash infusion, then CITI is in deep shit and the FED will drop rates signficantly.

    Stock jockeys are addicted to rate cuts, even if they won’t work.

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  82. Woodshedder

    Sure this rally is for real. It will be for real for a few days, or maybe even a week or so, and then it will fail.

    If you think that this is the low, God help you.

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  83. Steve

    God? What does he care about the stock market?

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  84. cheesefried

    Marketwatch:

    11:09 [GOOG] Google goal to develop 1 gigawatt renewable energy cheaper

    11:08[GOOG] Google to focus on solar power, wind, geothermal tech
    11:08[GOOG] Google to spend ‘tens of millions’ in R&D in 2008 on energy
    11:07[GOOG] Google to develop energy cheaper than coal-based electricity

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  85. JakeGint

    11:15 [GOOG] Google to cure cancer.

    11:18 [GOOG] Google to communicate with heretofore invisible Space Alien Magicians.

    11:21 [GOOG] Google to bring about Second Coming

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  86. Juju bear

    Woodshedder is right in his ass-essment.

    I’m looking for a test of 12,000 on the Dow before year-end. The bottom will be when Fly capitulates and caves in to the wishes of his clientele, heh-heh.

    Jog on.

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  87. riverrat

    Woodshedder, I don’t think more than a day ahead, so it doesn’t matter. It is the low (most likely) for today.

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  88. SaNTa

    Fly needs to make more friends in higher places.

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  89. BOOMER

    I added 2k BOOM @ ~60.20. Why not?!

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  90. Steve

    Bears are already far too arrogant for the Dow to continue to 12k.

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  91. JJ2000426

    Hey, the FLY:

    Enjoy my latest article on FSLR yet?

    You like it? Like to short FSLR?

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  92. Woodshedder

    Steve, this move down has nothing to do with the bears. It has to do with a change in the fundamental economic picture of the U.S., and by proxy, the globe.

    Do you think that only the “bears” are sellers here? Nonsense. Anyone with half a brain can see that the next few years are going to present major challenges for the U.S. economy. There are many sellers that are selling not because they are bears, but because thats what you do when you want to avoid losing money in a market down turn.

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  93. JJ200426

    My stocks picks will return 1000 folds in the next periods. Fly, don’t you like the folds? Especially 1000 folds? It is like an orgy of folds, not unlike viz a “folds harem,” or such viz King Xerxes’ palace in the movies 300. No? Odd, no?

    jog on
    grant

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  94. Steve

    Perhaps, woodshedder, but I’m not convinced yet. I still see many positives for the US and global economy. Time wil tell, and I’m not married to my views. But I’m still bullish and when I hear bears invoking God it makes me even more so.

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  95. JJ200426

    My dentist just removed a meaningful amount of
    Cadmium Telluride from my teeth. I have stored it in a jar, next to my palladium. I cannot wait to rest my head of the folds of my returns over the next periods. Odd, no?

    Excuse me, someone is approaching my motorcycle. He seems nice. He is smiling.

    Why is this man carrying a sock? Odd, no?

    SMACK! SMACK!

    Ugh, he has bludgeoned me about the head and shoulders with a sock full of stale biscuits! My folds! My cadmium! They are spilt on the sidewalk! Viz! Oh sweet viz!

    Odd, no?

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  96. cheesefried

    Devildog,
    How’s that QID working out?

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  97. cheesefried

    AEO getting ready to run.

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  98. Woodshedder

    Steve, the invocation of God was nothing other than a well-used phrase, “May God help you.” Do not read anything else into it.

    Other than that, yes, I’m bearish, but since last week, I’ve only been long AAPL and MVIS. Obviously, I’m looking for a bounce.

    There will be many positives for the global and U.S. as soon as all the derivatives and excess liquidity from the sub-prime are washed out.

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  99. cheesefried

    Fly-
    Break out the golden bear to seal the deal.

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  100. DEVILDOG

    BOUGHT 3000 QID @ 40.50.

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  101. newequity

    Keep buying that bullshit Devildogshit. Ready to lose a quick few grand you little bitch.

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  102. cheesefried

    BOUGHT 3000 QLD @ 99.93

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  103. cheesefried

    Crude oil is for asshats.

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  104. SaNTa

    Fuck the golden bear.

    How bout some Leah Dizon?

    http://yokooxnetradio.up.seesaa.net/image/Leah_Dizon_01.jpg

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  105. Frosty

    FLY…selling stock so fast he can’t even post today, baby bears rage, rage, rage against the night…amazing that this group is being out smarted by the boys from the land of sand…let’s all buy a dual engine sv today, performance measured in gallons per mile and sell all our stock at a discount…sage never smelled so good…baby bears RIP.

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  106. TraderCaddy

    Hot News: The Sovereign fund of East Timor is buying the NYSE and Gracie Mansion.

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  107. JakeGint

    Frosty,

    Obviously your brain has been melted along with the rest of your extremities.

    Stay out of the greenhouse next time, rook.

    Better yet, see an FC about mutual funds.

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  108. CashIsKing

    Dead cat bounce. However, true to my name, I am 100% cash. I will spend the rest of the day counting my gains over the past few trading sessions while the bulls, bears and program trades fuck with each other.

    I will also be calling a truce with the Fly as he seems to be thinking more objectively and being patient with his re-entry into this wild market. In the mean time, I am no longer down with Devil Dog and his racial BS. He couldn’t even spell “they’re” correctly. Dipshit loser…

    Developing…

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  109. DEVILDOG

    BOUGHT another 3000 QID @ 40.53. SHORT another 3000 NSR @ 34.18.

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  110. GovtFunds

    Get a grip. If you want to play with the big boys in the market stop crying and put on your big boy pants. Yes, these are bad times, but get over it. Don’t think I will be jumping out of my 38th floor window anytime soon.

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  111. DEVILDOG

    newequity:
    I’m holding what I have today in addition to 20K more QIDs @ $34. Looks like I’m UP today too. BTW, THE NEXT FALSE BOTTOM WON’T BE in UTIL THE S&P OUTPERFORMS TH DOW & NASDAQ…just a hint for a stupid cow…mooboohoo. Who’s the little bitch now? In addition, at least I’m walking the talk…the rest of you are just talking…anyone can do that. When you going to back your smack…little bitch?

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  112. JJ2000426

    No one listened to me and shorted FSLR?

    Too bad. This is the short of the century! Short to ZERO.

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  113. Daniel

    I couldn’t understand some parts of this article bi Takes a Piece of Citi | Stock Picks and Discussion at iBankCoin.com, but I guess I just need to check some more resources regarding this, because it sounds interesting.

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