Citicorp Melt Down

The New York Times and Forbes have reported that it has over $18 billion in write-offs, resulting in $9.83 billion in losses.

The job cuts, looking to be as high as 10% of the workforce, are normal during a problem, but they have cut the dividend on their stock, which indicates far deeper problems^*.

Citibank is in real trouble, and I think that foreign investors will snap up an even bigger portion of the company, assuming that they can be found.

^*Of course, the fact that in business cutting jobs and putting people out on the street is normal, and cutting dividends is outrageous and extreme indicates just how f%$#ed up the values are of American business.