The US government announced a 20 billion dollar cash injection into Citigroup early today in an effort to shore up the bank's crumbling financial situation. It also guaranteed over 300 billion dollar in Citigroup assets. To put that in perspective, an estimated 7 billion was wagered on last year's Superbowl.But more fascinating is watching the ebb and fall of Citigroup's share price. A year ago it was hovering around 35, safe and sound, and paying a dividend of about 4%. On Friday, at one point, you could have about it for $3!!!!. We suspect today it will close near $5--the magical number that allows a large group of mutual fund managers to invest in it. Sure, there's an economic downturn--but someone is making a lot of money!
Far more entertaining than watching the Browns/Texans. Maybe, they should issue uniforms for Citigroup employees and televise their machinations as the share price rises and falls--
"Sandy Weill is pacing the sidelines. He can't believe it's come down to this--his entire career defined in less than 2 minute. But it just also might redefine the quality of living for millions of Americans over the next decade."
Pandit lines up slot left. Paulson takes the snap, fakes structural issues--he's looking downfield. He wants all back in one play. He's got a chance, the safety, Joe Q. Public, is confused--there's a mix-up in the coverage. Pandit is WIDE OPEN. Pandit to the 10 to the 5. TOUCHDOWN!
And look at Pandit celebrate, there certainly has to be a flag for this!
It's another stunning, come-from-behind victory for Citigroup."
Yes. This is the same Citigroup who almost went bankrupt in the 60's and 80's (when it was bailed out by a Arab prince (not the same one suing Mikaeel Jackson (see sidebar)).
We've seen this movie a hundred times. We'll see it again--no one went ever went broke by underestimating the greed of the American banker. Oh. Wait!
The power of the Top has now been established. We may suck ass at picking NFL outcomes, but can we ever call imminent complete and utter failure. We're referring, of course, to Donovan McNabb and Brady Quinn--both recent features here and both benched Sunday after absolutely miserable performances. What a horrible game the Texans/Browns game was--3 interceptions in less than 3 minutes!
The Top was well off on its feature games. Houston and Cleveland put on a Division III game featuring field goals. And Dallas had its breakout game, as did Atlanta and Michael Turner. And the Colts game was more defensive than predicted.
But, we were crazy accurate on our round-up picks--Jets, Colts, Patriots, Giants over. We missed the Chiefs (advice: bet against the Lions, Chiefs and Browns every remaining game except the last week!).
Tonight, we're left with the Packers and Saints (we liked the Packers earlier). This is a tough game to call, the Saints return to New Orleans for their first home game in six weeks. But the Packers have their back against the wall because of the Bears and Vikings victories yesterday.
This one rests on Ryan Grant vs. the Saints offensive line. Grant has been improving lately and when he runs, Rodgers can feast on play action. Despite Green Bay's desire to establish the running game, we think this will be a high scoring affair. And we think they'll cover.
Green Bay +2.5 and Over 50.5
As usual, Happy Hunting and....
Go Stuff!!
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