It’s difficult to imagine a world without Citigroup (Citibank, Citi Cards, Citi Mortgage, Primerica, etc.), but with their stock closing down another 26.41% today, to close at $4.71 (C), it’s also difficult, in these troubled financial times, to imagine a scenario that allows Citigroup to continue operations going in the direction that they are.  Once the largest bank in the United States, Citigroup’s assets and market value have fallen over 65% in November alone.  As if that isn’t bad enough, the word on the street is that government intervention or outside investment may be necessary for their survival – which is basically the kiss of death in this market.

The biggest problem here today is that Citigroup has both a liquidity and solvency issue.  Thy’re working to calm their investors, but the market is already so shell-shocked from the other failures to date that these reassurances are falling on deaf ears.  In retrospect, it’s easy to see how big a blow losing the bid for Wachovia was and following that with an announcement announcing the elimaination of 52,000 jobs worldwide compounded the problem from a public relations standpoint.

I’m assuming that I’m like most modern Americans – I love the news.  The uglier the better.  Like most Americans I want to believe that the people reporting the news have some insight, maybe a few sources sources, and most importantly the ability to report the truth without adding fiction.  Unfortunately, and especially with the recent turmoils in the market, I’m coming to believe that the American media is a bunch of morons spouting out what they think – something like I do here – leading “Main Street” Americans to lose faith in the systems and values of being an American.  I, for one, am sick of this bullshit and want to call a spade a spade.