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Citigroup Tries to Stop the Drop in Its Share Price
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All the danger signs are flashing red says Prof. Simon Johnson of MIT's Sloan School of Management, as Citigroup stock loses 26% on November 20, 2008 and 50% of the stock's value in just 4 days. The fear is that Citigroup faces still bigger losses as home mortgages, credit card loans, commercial real estate debt all deteriorate further in a deep economic downturn, and that Citigroup will need large sums of additional capital from the government. There is similiar to the Detroit auto industry executives and public opinion a big gap in how Wall Street investors and Citigroup executives see the company's situation.
The Citigroup Rescue in November 2008.
11/13/2008
A Morgan Stanley type bear raid by short sellers on Citigroup shares with 50% of share value lost in a few days. Pandit of Citi desperately asks for reinstatement of the uptick rule to prevent short seller raids.
Grouped Articles
Citigroup Hits 'Penny Stock' Realm
Wall Street Journal 03/06/2009
U.S. Settles Mortgage Inquiry for $7 Billion
New York Times 07/14/2014
Old Lane Managers Look for Exit From Citi
Wall Street Journal 12/24/2008
Citi Directors Mull Replacing Chairman
Wall Street Journal 11/13/2008
Worst May Be Yet to Come for Citigroup
New York Times 11/14/2008
New York Times 11/16/2008
The Uptick Rule and Short selling abuses in the U.S.
07/28/2008
The suspension of the Uptick Rule and the S.E.C.'s dire lack of enforcement all seem to suggest that the regulatory mission of the S.E.C. has been influenced by those who are being regulated. Conservatives running the government and regulatory agencies mistakenly assumed that lower regulation was somehow part of the new system of free enterprise that was delivering results. As long as the economy did well they saw no reason to question this, and in fact let regulation wither to the extreme provoking the crisis by letting excesses develop and accumulate. The abuses of excessive leverage under a Fuld at Lehman and of mortage sales under a Mozilo at Countrywide were barely understood by Cox and company at the SEC till they undermined the very foundations of free enterprise.
Grouped Articles
SEC Tries to Rebuild Its Reputation
Wall Street Journal 09/12/2013
Agency Subpoenas Focus on 4 Rumors That Hit Lehman
Wall Street Journal 07/28/2008
Wall Street Journal 08/21/2008
NYSE Chief Leans Toward Uptick Rule
Wall Street Journal 10/02/2008
U.K. Will Continue Ban on Short Selling
Wall Street Journal 10/23/2008
Citigroup Tries to Stop the Drop in Its Share Price
New York Times 11/21/2008
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