Citigroup - Headed Towards Bankruptcy?

Some articles related to Citigroup possibly declaring bankruptcy next year.

Who knows - perhaps it would be sooner...

Citigroup purchased Associated First Capital, what was known as the “icon of predatory lending” and then proceeded to slice and dice these portfolios of predatory loans into derivatives. Clearly, it just got too aggressive and fleeced many of these vulnerable consumers right into default on their mortgages. This is the same problem HSBC has, resulting from its purchase of another leading predatory lending firm, Household Finance.

The good news is that there are many outstanding banks out there including Northern Trust, US Bank and many other regional and local banks. At this point, however, for the system to repair itself we’ll first need to rid it of the cesspools of unproductive greed and corruption as exemplified by Citigroup. Or in more mundane terms, simply require Citigroup, a leader in structuring the most egregious Enron related partnerships, to follow the rules and take the required FASB 115 write-downs on its derivatives, loans and investments. Anything short of that will only harm the higher quality more important financial institutions we depend on.

A YouTube Video on Citigroup


Another Source

Most likely - it will be another government bailout. The question is - how many companies can the government bail out? The govt supposedly already invested $25 billion in preferred stock in Citigroup. Great investment for the taxpayers don't you think? (not!)