Sunday, March 1, 2009

Paging Captain Obvious ... Inescapable Truth on Line 1

By Christine Harper

Feb. 28 (Bloomberg) -- The U.S. government’s third attempt to help rescue Citigroup Inc. won’t stanch the company’s losses, which will continue to swell and may lead the bank to require more money in coming months, analysts said.

Goldman Sachs Group Inc.’s analysts, led by Richard Ramsden, recommended that investors avoid Citigroup shares because “it is unclear whether this is the last round of capital restructuring, which means that existing equity may be further diluted in the future.”

“Citi will face a tough credit cycle in the next two years, which will likely result in weak and volatile earnings,” S&P analyst Scott Sprinzen wrote in a statement. “We cannot rule out the possibility that further government support may prove necessary.”

Charles Rangel, a Democratic congressman from New York who serves as chairman of the House Ways and Means Committee said, “It seems like with the banks it is a never-ending thing.


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