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Follow on Google News | (Citigroup Posts Surprise Profits)… ‘Sun Worldwide’ - World Finance‘Sun Worldwide’ on why Citigroup’s profits are illusory at best.
By: Brad Cullen The stark comments were reportedly included in a ‘Sun Worldwide’ client monthly update which called the rule changes that caused the absence of the write-downs that have consistently featured in banking sector quarterly reports “mark-to-make- ‘Sun Worldwide’ remain convinced that what was once the world’s largest bank will eventually succumb to market forces and be fully nationalized by the US government. The quarterly report suggested that Citigroup had written down its subprime-mortgage- A source close to ‘Sun Worldwide’ suggested that this reduction in write-downs had come after mounting foreclosure activity would have forced down further the value of said securities and that the changes were perceived as the equivalent of “handing control of the fire hose over to the arsonists”. End
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