Citi Could Write Down Up to $24 Billion

[Chief]

http://www.cnbc.com/id/22639976

Citigroup could write down as much as $24 billion due to subprime and credit-related losses, CNBC has learned. In addition, the company could lay off as many as 20,000 workers as part of a comprehensive plan to slash costs and raise capital.

The plans will be unveiled Tuesday, when it reports fourth-quarter earnings. At the same time, Citigroup could also announce that it is cutting its dividend payment.


It is dealings like this that are driving the rumors of recession in my view, so let's be careful when we start talking about economic stimulus packages out of Congress.

[Waterbuffalo]

"Citigroup could write down as much as $24 billion due to subprime and credit-related losses,"

Isn't that a huge stimulus package? Writing down that much debt has to be near it.

Add to Wamu's 50 or 60 billion and 10 to 20 billion at Countrywide, Sounds like we've got around 100 billion or more in aggressive/bad loan potential just at three national level banks.