Financial stocks continue to plummet with Citigroup in the most dire position. Citi closed at $6.40 yesterday, down 23% (if you have a 401k or IRA of some kind, you probably felt this loss).
The good news? Citi was looking up:
Citi shares staged a rare rebound in early trading, moving up about 6 percent in premarket trading on news that Saudi Prince Alwaleed Bin Talal Alsaud had upped his stake in the company to 5 percent and gave his full support to the bank’s top management.
Nevertheless, this is a terrible, terrible sign. Citigroup is, like Bear, AIG, and Fannie and Freddie, too big to fail. This is truly a suckfest.