Citigroup problems mirror other large banks – deep dividend cuts, loss of hundreds of thousands of jobs, declining reserves and sharply falling investor confidence
sam Adelton
Jan. 14, 2008

Major banks are in genuine trouble. The reserves are falling apart. Investor confidence is sharply down. Loan after loan is in default. There is no end of foreclosures. The last light of hope – a Federal bail out is distant till the election is over.

Citigroup opts for a sizable dividend cut, cash infusion of at least $12 billion and write-down of as much as $22 billion in mortgage-related investments as part of its fourth-quarter earnings report.

But they are not alone. As the 100 year banking cycle tops, large international banks are ready to fall apart and go bankrupt.

The real sad side of this is the skyrocketing foreclosures and hundreds of thousands of jobs cuts that will engulf the economy. These are highest paying jobs that will be lost in the next two to three months. The moves are part of banks’ push to shore up the finances, including replenishing its depleted capital. Unfortunately the problem is so deep in nature, no amount of job cuts will help at this stage.

The only way to save these banks is to overhaul the Federal Reserve Bank and create inititatives similar to that in 1907.

Citigroup problems mirror other large banks – deep dividend cuts, loss of hundreds of thousands of jobs, declining reserves and sharply falling investor confidence
sam Adelton
The real sad side of this is the skyrocketing foreclosures and hundreds of thousands of jobs cuts that will engulf the economy. These are highest paying jobs that will be lost in the next two to three months.
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