The guys at Citi are smarter than anyone else on the Street, which is why they are about to launch the first derivatives EVER that will pay out in the event of a financial crisis.
As Chris Whalen, at Institutional Risk Analytics, told us about the news: “It’s cute. Though a bit ironic coming from them.”Yes, it’s ironic and the mere concept could be funny if it weren’t that scary.
Considering that Citi stands in fourth position with $32 trillion in notional amounts of derivatives contracts as of the third quarter of 2009, according to the Office of the Comptroller of the Currency, and has yet to demonstrate that it has only the slightest idea about what it should do with them, this is rather startling.
Yes, financial innovation is inherent to functioning markets, but creating something based on something that obviously didn’t’ work out in the first place, (and/or that you have trouble understanding) seems ludicrous. Ain’t 2006 anymore people.
I’ve had just about enough of this lousy Hindu.
Why did we save this bank and not Saab?
@1
yes, i as well wish he were muslim, sikh… at least one of those funny south indians with two first names (e.g, ¨Saj Johnathan¨).
and Yaël, you can be such a bizouati at times.
At least LB is feline friendly -
Is this the product Shia Labeouf will be trading in Wall Street 2?
Is “financial crisis” is defined as a Citi bankruptcy?
stop trying to squeeze cash outta everything, vikram. One day a penis will pop out, hit you on your forehead, and then you’ll be sorry.
AIG was selling something like that. We bought a ton of ‘em from them.
Just make sure you know someone high up at the Fed
- LB