Citibank closes at $6.40
-
Jim Rogers, a former partner of George Soros in the famed Quantum Fund.
The fund manager, who has traveled extensively in emerging markets and lives part of the year in Asia, says sovereign wealth funds in Abu Dhabi and Singapore that recently made large investments in Citigroup and UBS AG (UBS, news, msgs) are likely to lose a lot of money on their ploys. "They're making a big mistake; these banks have many more problems still ahead. They should wait until these companies are really on the ropes a few years from now . . . and trading at $5 a share."
But aren't they supposed to be the smart money? Maybe not. "I know these people, and they have never given me the impression that they're smarter than anyone else," Rogers says. "They have gigantic amounts of money, but they've made a bad judgment in these cases."
Source
http://articles.moneycentral.msn.com/Investing/SuperModels/StockMarketWinterIsMovingIn.aspx?page=1Wheelock properties purchased a 10 per cent stake in SC Global in June last year at $6 per share, today it has fallen to $0.54. The CEO apologised to his shareholders for making a mistake. Thats some accountability.
When Temasek purchased Barclays or ABC learning, with one party state and PAP controlled State Times , its a called "a long term investment".No one can time the market, so theres no mistake. Besides talented people do not make mistakes, its only because it is impossible to time the market. Jim Rogers is an idiot to think he can time the market
PAP would tell you these are long term investments. Barclays PLC was a good purchase, Merril lynch was a good purchase, ABC Learning was a good purchase.
-
Jim Rogers...the same guy that keep asking people to buy commodities...
Jim Rogers..the same guy who would rather short options than buy....
Jim Rogers..the guy who is destined to be forever termed as a "former partner of George Soros"
-
if long term is a good excuse then every damn counter that does not go bankrupt is a good purchase.
-
Originally posted by dragg:
if long term is a good excuse then every damn counter that does not go bankrupt is a good purchase.
hehehe...
*applause*
I will be using this statement often...
-
..and yet, they can actually invest massive amounts of public money in a company that goes (down) under!!!!
Big Time Ass-holes
Everyone together now.... damned..... dishonorable..... greedy for public money.... DESPOTS
-
how much did we buy citi for ?? $48 ??
-
so now is can buy or cannot buy
-
Originally posted by ChoCoChips:
so now is can buy or cannot buy
If you buy now, the most you can lose is $6.40.
-
Originally posted by charlize:
If you buy now, the most you can lose is $6.40.
wahu liddat say i scared liao
6.40 = 2 cai png leh
-
Originally posted by charlize:
If you buy now, the most you can lose is $6.40.
per share ................ :)
-
oh ya.
so i will lose at least 2000 cai png leh
-
Originally posted by charlize:
If you buy now, the most you can lose is $6.40.
-
buy the derivative lor ... e.g. option, i check last night Citi's call option January 2010 expiry only $5 dollar (US hor) only. So total cost is $500...
-
didn't the local papers report the govt transferred $10bil to temasek sometime last month or so? isn't this considered a bail out?
-
Originally posted by dukedracula:
didn’t the local papers report the govt transferred $10bil to temasek sometime last month or so? isn’t this considered a bail out?
huh ? really ar ... where did the $10bil come from? Did it come from :-
1) The printing press?
2) Our CPF?
-
Now GE is asking GIC to invest in them... according to someone's speculation as reported by germany Financial Times...
-
Artboon?
GIC to invest in Temasek??? Isn't that like transfering money from left hand to right hand??? -
Originally posted by ChoCoChips:
wahu liddat say i scared liao
6.40 = 2 cai png leh
That's 3 x Cat A COE!
-
The deal GIC got at 7% although at pertuity, is not a good deal.
If you buy a similar convertible bond now yield is shockingly at 14.29% instead of 7% GIC received.
Stock Code CPRI
Conv Price $33.73
However, i think GIC convertible bonds has a price reset against Citibank issuing more than 5 Billions dollars which may or may not been triggered.
Source
http://www.nyse.com/about/listed/lcddata.html?ticker=cpri
http://www.quantumonline.com/search.cfm
-
Did someone forget to mention - or is this even noticed - the banks this fascist regime pumps money into (be it through either of their scam merchants - better known as GIC and Temasek) all witnessed a change in leadership (look at the CEOs of UBS, Citi, Merrill Lynch) within months of their "investments"?
Surely, "talents" with billions to invest could have done a better job at due diligence than investing in firms with questionable fundamentals? Then again, splurging billions in public funds in an unaccountable manner might exempt such "talents" from understanding such fundamentals.
-
Originally posted by kilua:
The deal GIC got at 7% although at pertuity, is not a good deal.
If you buy a similar convertible bond now yield is shockingly at 14.29% instead of 7% GIC received.
Stock Code CPRI
Conv Price $33.73
However, i think GIC convertible bonds has a price reset against Citibank issuing more than 5 Billions dollars which may or may not been triggered.
Source
http://www.nyse.com/about/listed/lcddata.html?ticker=cpri
http://www.quantumonline.com/search.cfm
so u're saying GIC converted the bond to shares AND paid US$33.73 for them.
Assuming conversion, that would translate into a $33.73 - $6.40 = US$27.33 loss.
-
Originally posted by maxtor:
so u're saying GIC converted the bond to shares AND paid US$33.73 for them.
That would translate into a $33.73 - $6.40 = $27.33 loss.
I havent been able to find the conversion price for GIC, but the price before the deal was abt $29 which they have to buy at 20% premium to a reference price near the deal date.
However there is no forced conversion like UBS but 7% is not a good deal as currenty Citigroup convertible yields 14.29% if you buy at NYSE.
The only sweet deal for GIC is perhaps a potential price reset if Citibank issues more than $5 Billion on convertible bonds. The exact terms i have not been able to google it yet.
But for those who are yelling 7% is a lot, they should take note now Citigroup convertible yields 14.29%. If GIC unloads the convertible bonds, it would be a severe loss.
If anyone can find the exact conversion price, please post it here.
Source
http://www.straitstimes.com/Free/Story/STIStory_196596.html
The Citi deal employs a type of security called a perpetual convertible security. This provides a fixed annual dividend of 7 per cent and allows GIC to hold the securities for as long as it chooses, subject to certain conditions. GIC may convert these securities into shares at a fixed price, which will be 20 per cent above the stock's average price over the next few trading days.
-
GE.
See
http://www.bloomberg.com/apps/news?pid=20601103&sid=aEbNwkFqK6Vs
GIC to invest in Temasek??? Isn't that like transfering money from left hand to right hand???
-
Price Update
Citigroup Inc 4.71
http://finance.google.com/finance?client=ob&q=NYSE:C
Citi bank convertibles now Yield 20%
Source
Yield (%)20.19
http://www.nyse.com/about/listed/lcddata.html?ticker=cpri
-
i found info about our investments from another forum -
Citi - 6.35 ~ Mandatory conversion by Dec 08 at US$33
Merrill - 9.65 ~ Purchased at US$29
UBS - 9.30 ~ Mandatory conversion at US$51 by Dec 08