Mimievans’s Blog

MSNBC is reporting this morning that CitiGroup is still having problems staying afloat, despite recent layoffs and budget cuts. CitiGroup’s CEO, Vikram Pandit is seeking additional funding. Yeah, good luck with that one, just ask the Big Three.

So since Congress bailed out Frannie, Freddie and AIG, will they also bail out CitiGroup? And if so, why not the Big Three auto makers?

Pandit is definitely in the fight of his life as others are watching and waiting for the possibility of a takeover or merger after the company’s stock plummeted 50% this week, down under $4.00 a share after receiving a vote of “non-confidence” from the market, Fixed-income investors see a huge risk.

At least Pandit has not flown his private jet to Washington to beg for a bailout. One has to admire the CEO for trying to resolve his company’s issues through sweat, sacrifice and hard work. I am sure it will pay off and CitiGroup will rebound.