Citigroup said as of Dec. 31

It had a total of $37.3 billion in direct subprime mortgage exposure, down from $54.6 billion three months prior:

1) $17.3 billions were evaporated. However the company said it wrote down $18.1 billion. Mr. Pandit, the new CEO of the company, took $0.8 billion - not bad for the job in first 3 months;
2) The company said the subprime will get worse in 2008, and continuing in 2009. It will eventually write down the total of $37.3 billion remaining bad loans;
3) After loss of total of $54.6 billion bad loan, the company will turn eye on "good loan". Now all good loan will turn into bad so that it will eventually wipe out completely $175 billion of market value - files for bankruptcy.

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• mass layoff is coming for Citibank -hmo- ♂ (0 bytes) () 01/16/2008 postreply 09:14:29