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1.
A commonly used term for Citigroup amongst investors and on the street. Citigroup suffered massive financial losses during the 2008 financial due to exposure to troubled mortgages in the form of Collateralized debt obligation (CDO's), compounded by poor risk management The company then massively diluted shares to raise money. Seemingly out of the crisis in 2011 and shed of its govt ownership, the company instituted a despicable reverse split which every one but the management seems to know would further destroy the stock price. With the stock price down almost 97% since before the crisis, the management keeps giving itself massive bonuses while shareholders value plummets. Its past CEO, Chuck Prince who presided over Citigroup's catastrophic losses got a severance of about $150 million, not bad for making the share holders bankrupt.
Shitigroup's stock tanked again, no surprise there, no one wants to hold Shiti with a 10 foot pole or their poles.
Their smooth talking CEO, Pandit the Bandit's paycheck is now worth almost the entire dividend given to shareholders despite the fact the company's shares have lost almost 97% of its value under his tenure.
by rufustherat October 07, 2011
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