Meredith Whitney on Citigroup- New York Post
Meredith Whitney is the analyst at Oppenheimer who has a remarkable record on making “calls” on the banking industry. Read some excerpts of what she had to say.
Also, know that there are a LOT of rumors swirling around Citigroup tonight. I’m not going to get into the rumors but I’ll post facts when I know them…..
“Pandit is wrong, Citi will not be able to stay in its current form,” she said, adding that the banking giant must break itself up and sell off the pieces to raise capital and reduce its size.
“Citigroup is in such a mess Stephen Hawking couldn’t turn this company around,” the money maven added. “It has lost the most money of all the banks, and has the greatest leverage.”
“Citi is wrong if they say they are adequately capitalized. No bank is adequately capitalized today and Citi is no exception,” she said.
Whitney gained notoriety in 2007 when she published a damning research note about Citigroup, claiming the bank needed to cut its dividend and sell assets to avert a $30 billion capital shortfall.
PANDIT NEEDS TO MOVE HIS ASSETS – New York Post.
