Citigroup and their $2.5 Billion loss

July 24, 2008 – 8:54 am – No Comment

Citigroup posted a $2.5 Billion dollar loss for the second quarter. In my opinion, that?s not good at all. That would be called a disaster. However, this loss was less than expected, so it’s good? Yea, I’m confused. This was their 3rd loss in a row. All the major financial institutions are losing money though. You know, JP Morgan and Wells Fargo, haven’t posted a profit in over a year. Merrill Lynch had a larger than expected quarterly loss so Citigroup is at least doing better than these guys.

Next week we’ll see the reports from Washington Mutual (woohoo) and Wachovia. They are expected to report losses as well. Of course, you know why everyone is reporting losses? I won’t default on my credit cards because I’m working hard to build my credit.

I’d like to see how my creditors are doing. I can’t think of who they are off the top of my head, but I think I’m keeping them in business with my student loan debt. It could be worse I suppose.