If Citigroup were a Hollywood actor, right now we'd be seeing pictures of a rumpled star donning sunglasses to cover up bloodshot eyes, and assuring the press that he made some mistakes, but that his troubles are behind him. Some press would decry a waste of talent and a bad example for the kids, while others would say that they feel sorry for him and hope he gets the help he needs.
Citigroup the bank isn't far from that. It had the global reach, the brand, and supposedly the talent. Now its new CEO is trying to pick up the pieces and the company is finding itself the butt of jokes. Oppenheimer analyst Meredith Whitney thinks there's little hope for a turnaround and quipped that "even Stephen Hawking could not pull this off" (kudos to Meredith for the very quotable moment). Douglas McIntyre at 24/7 Wall St. thinks that a pessimist case puts the stock at $10 by year end.
Read More...
