Nov 22, 2008
The hum on the weekend
A bouyant new President starting his Odyssey just rewriting parts of the original Odyssey – I think its brilliant – not just boringly pragmatic – it’s simply amazing that a Richardson can be seen and heard after horse trading Mexicans ( Thats how they call it in the good old Orient) and before applying for Biden’s post next time. It’s great that Summers can’t hold TARP but we need him as Economic adviser and Timothy Geithner and the New York Fed come as a package for the bailout package – no transition required here and you were on the same table as Paulson ( I still think he did an ‘Okay Job’) and it’s greater news tht Hillary is still in the ring. Some nice weekend action and thankfully all before College Football and Sunday Football. I think we are all involved. Tom Dashcle was the best catch judging from the media attention, though I thought Summers would be even weightier, and of course Rahm Emmanuel was the best pick ever.
And the next fun’n’ games for the weekend were from that global follower of John Pierpoint Morgan’s legacy, our very own ever awake and ever advantaged Citi:
It isn’t the buzz really, more like a drone..a pain coming home to roost and Citibank making it clear ( as on November 21, my Saturday) that it does not want to sell Smith Barney. They are however not so clear about selling off their Global Transaction Banking and Cards units. But given you just mucked up your bank over three years, why exactly would I buy it – i am after all not a Bone collector, nor a fair weather sunny side breakfast for some rich Arab, I am a serious buyer who wants something that is worth at least 30 cents or maybe at least 70 cents for every dollar i pay in current earnings(sales) and a lot more down the line. If I am Citi, I have already flogged my profitable pieces and this weekend I am told i still will be doing a deal for my dream at $4 a share – doesn’t cut it at all.
Pandit does not want a deal with Goldman Sachs, no one bought the Citi’s profitmaking companies in India ( the deal with TCS was inked though, and it’s very much on) and the hedge funds need their billions to keep hope alive – which right now is owned by Mr Obama, realy busy weekend!$$
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