I'm over the top with these today;
We don't even know who Citigroup is here. If I asked someone to name 3 banks. They would say Zion, WFC, KEY.
There is a Citibank, but it's in a dusty strip mall 5 miles away. I was under the impression that they just opened it to tell shareholders that they had "presence" here.
Most people have their money in credit unions here. In fact, I'd suggest that Credit unions have 50% of the financial market here. 20 years ago, it seemed clear that "traditional banks" had no interest in deposits, and were only interested in charging me fees to hold my money.
These other Financial matters, with LEH, MS, BS... This is all stuff that seems to be happening on another planet.
Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.
J. P. Morgan
Monday, March 9, 2009
Banks GYOFB
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