This is how The Telegraph (25-11-08) has carried the front page News item, a nice twist on the tag line of the largest Bank which had prided itself in stating 'Citi never sleeps' and in so doing they have made such a mess of their finances and the trust of millions of depositors, who if the bail out was not carried out by the US Govt: would also like their Bank would never sleep.
The facts and figures are so mind boggling, it is like watching an action packed Bond movie.
The facts : Citigroup has high risk assets of $306 billion (Rs: 15.3lakh crore)
From the Indian perspective these figures translate into :
50 times the annual net profit of all Indian Banks.
6 times the annual revenue of all Indian Banks
6 times the share value of all Indian Banks
2 times the total assets of private banks in India
53 per cent of total assets of all Indian Banks.
Why spend money watching Bond Movies, just buy a Telegraph costing only Rs: 2/- and you get the same adreline rush. In this case the Good Guy (US Tax payers hard earned money) has saved the Bad Guy. A nice twist in the storyline. The Bad Guy will be more embolden to perform more badly, because he knows for sure now, that the Good Guy can again be managed.