Oh how ironic of an advertising slogan. Who will buy them? Chase? They have the most cash on hand.

Executives at Citigroup Inc., faced with a plunging stock price, began weighing the possibility of auctioning off pieces of the financial giant or even selling the company outright, according to people familiar with the matter.

The internal discussions are at a preliminary stage and don't signal that Citigroup's board and management are backing down from their insistence that the New York company has ample capital, funding and strategic direction, these people said. But with the stock down another 26% Thursday, its worst one-day percentage decline ever, Citigroup officials have decided they need to reckon with a range of scenarios that were unthinkable only weeks ago.

Citigroup's board of directors is scheduled to have a formal meeting Friday to discuss the options, according to people familiar with the situation. Directors also have been talking by phone about what could be done to reverse the stock's slide.

Top executives were locked in meetings Thursday to hash out a stabilization strategy. Chief Executive Vikram Pandit scheduled a conference call for 8 a.m. Friday to discuss the situation with senior managers.

A Citigroup spokeswoman said in a statement Thursday evening: "Citi has a very strong capital and liquidity position" and is "focused on executing our strategy," which includes cutting expenses and selling assets. "We believe the benefits will be seen over time."

http://www.foxnews.com/story/0,2933,455807,00.html

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Hey, I will go to THAT AUCTION .... I need a couple of good Credit Card making machines and some Check Account Number and Routing Number Machines ..... see that way I could "Bail My Own Self Out" and never have to bother Uncle Sam !!!!

I think we should all do something just as grand ....

By the way .... Is Printing your own Money Illegal ?????
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One of the interesting things about Citigroup is that apparently the bulk of their banking operations are overseas. Which means there is no FDIC insuring investors. I don't know what all of the implications of that are, but one of them seems to be that they are susceptible to a run on accounts moreso than most US banks. Among other things I've heard they're doing is jacking credit card rates and legally redefining themselves to position the company for bailout money.

Why save Citibank and not the auto industry?

firmbizzle Wrote:Why save Citibank and not the auto industry?

A rare time we agree. Why save Citi and not Wachovia? Why save Citi and not WAMU? Could it be that no one wanted to buy the POS company Citi and the government let us with all the crap their executives accumulated over the years?

THE NC Herd Fan Wrote:

firmbizzle Wrote:Why save Citibank and not the auto industry?

A rare time we agree. Why save Citi and not Wachovia? Why save Citi and not WAMU? Could it be that no one wanted to buy the POS company Citi and the government let us with all the crap their executives accumulated over the years?

If the government is taking a hit for all these bad mortgages (by bad I mean foreclosures, and upside down loans.), should this get the housing markets moving again?