Current Event

Tyra Monger
10/31/08
Business Economics
Current Event
Week Ten

This week I read about the Investors losing faith in Citigroup. Analysts speculate that the nations’ fourth largest bank needs to make a deal or something in the near future. It was written by David Ellis. It was written on October 29, 2008 at 2:21 pm. The banks stocks have dropped about 15%. The Bank of Treasury gave Citigroup a loan of $25 Billion. The bank is at a 52 week low, and has never been this low for this long. Many banks have bought other stocks and benefits from other banks. Like Wells Fargo is planning on buying all of Wachovia’s banking operations.
I think that all of the banks are being a little either immature or I guess really dumb with their decisions in their markets. They are losing so much money. If you add up all of the loans that they have given to people that they knew were not going to pay them back, is probably over like billions of dollars!!! It’s totally retarded and dumb. So we need to think about our banks.