Need a wheelbarrow to carry some money…Anyone got one?
Written by A Forex View From Afar on Friday, May 09, 2008Back to www.thelfb.com
This could be very easily taken as an advertisement; I want to help some friends move a big pile of cash, about $400bn of it. So I need a big wheelbarrow, after forgetting the idea of moving the pile with a truck because of Oil just hitting $126 a barrel we can’t afford the Gas bill, it will cut into the stash too much.
My friend’s name is Citigroup, and they want to sell everything they have got, in order “to reduce cost and assure growth”. In reality, they just want cash to cover all the sub-prime mess that they gorged on last year.
But I’m really curios; Citi lost $5 billion in Q1, having more then $40 billion in credit related write-downs, why do they actually need so much money? Are they preparing a surprise announcement sometime in the next quarter?
I wonder how all those zeros, 11 of them, will fit in my small wheelbarrow, and I wonder why Citi really needs the cash.
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1 comments: Responses to “ Need a wheelbarrow to carry some money…Anyone got one? ”
By Anonymous on May 11, 2008 at 4:35 AM
If it helps, I can rent a CAT