Is a banking crisis at hand?
*The Wall Street Journal, by David Enrich, November 24, 2008:
U.S. Agrees to Rescue Struggling Citigroup - Plan Injects $20
Billion in Fresh Capital, Guarantees $306 Billion in Toxic Assets
"The federal government agreed Sunday night to rescue Citigroup Inc. by
helping to absorb potentially hundreds of billions of dollars in losses
on toxic assets on its balance sheet and injecting fresh capital into
the troubled financial giant.
The agreement marks a new phase in government efforts to stabilize U.S.
banks and securities firms. After injecting nearly $300 billion of
capital into financial institutions, federal officials now appear to be
willing to help shoulder bad assets, on a targeted basis, from specific
institutions.
Citigroup is one of the world's best-known banking brands, with more
than 200 million customer accounts in 106 countries. Its plunging stock
price threatened to spook customers and imperil the bank.
If the government's rescue plan is a success, it could help bring
stability to the entire financial system. If it doesn't, even deeper
doubts about the industry's future could spread."
*This information is solely a highlight of the opinion of a third-party publication and is incomplete. Please subscribe to this publication for the full and timely opinion of the author and call a Monex Account Representative for any additional up-to-date information. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.
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