Citigroup CEO Steps Down, Analyst Receives Death Threats
In two interesting developments in the biggest banking conglomerate’s woes as of late, the analyst who predicted the banking giants Citigroups downgrading in stock received several death threats, and the CEO of Citigroup Charles Prince, as expected, stepped down in an emergency meeting of the Citigroup’s Board of Directors on Sunday (last night).
The reason for the downgrading of the companie’s stock outlook was exposure to bad mortgage loans in the ever deteriorating home loan and value crisis, as well as other defaulted loans and what is considered to be “bad debt” by the company. Citigroup is the owner of Citibank, a huge credit card company, among other giants in the field of mortgage lending, general loans, and revolving debts.
Now that the stock outlook has been downgraded by the female analyst who received death threats and sticks by her analysis and says she is surprised at other analysts lack of honesty or at least forthrightness in the analysis of the floundering companies assets and outlook, Bank of America is now in a better position than Citigroup, and the stock fell by a record of over 6% after her announcement. She’s sticking by it though, and says what she said was solid and 100% true and undeniable. Good for her. Good to see some serious integrity.
