Really?

by

TPM flags a story from Market Watch:

Citigroup Inc. lowered its rating on Wal-Mart Stores Inc. to hold from buy on Tuesday, citing concern that legislation intended to make it easier for employees to unionize would raise the retail giant’s labor costs and hurt its competitiveness.

To which my only response is: there are people who still think Citigroup knows something about finance?

I mean, it seems to me that if one of these companies is in a position to pass financial judgment on the other, Wal-Mart is the one wearing the robes.  They boom in good times and bad.  Citigroup would have gone into bankruptcy months ago if not for taxpayer bailouts; they would go into bankruptcy tomorrow if we weren’t also propping up AIG.  Who’s the one with the good business sense, here?

(TPM also flags this WaPo story about Citibank’s long history of repeatedly going bankrupt.)

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One Response to “Really?”

  1. michaellasley Says:

    Once an expert, always an expert.

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