We can thank Citigroup for saving America in its time of need. We are so lucky to have such a kind corporate neighbor watching over the financial condition of our country.
The statement from Citi after it joined three other banks calling at the Federal Reserve discount window Wednesday goes like this: "We are pleased to inject liquidity into the financial system during times of market stress and to support creditworthy clients." How touching.
The other newsworthy nugget was that Deutsche Bank actually tapped the discount window last Friday. Citi was joined yesterday by JPMorgan, Bank of America, and Wachovia. A Punk Zeigel analyst had some pointed comments about these actions: "It suggests the stress in the financial system is as great as feared."
Good luck.
No comments:
Post a Comment