Conservative Economic Commentary

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Tax Deal With a Side of Bacon http://capital-flow-watch.net/12v Dem porkers still in charge. #tcot >>
China's offshore yuan market grows up quickly http://capital-flow-watch.net/vv6 #tcot Seeks to replace dollar. Obama roots for China #tcot >>
Financial Times: Recommends investment in China. Also favors Obama, socialism. #tcot >>
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Subject: Citigroup

Citigroup was formed on October 8, 1998, following the $140 billion merger of Citicorp and Travelers Group to create the world’s largest financial services organization. The history of the company is, thus, divided into the workings of several firms that over time amalgamated into Citicorp, a multinational banking corporation operating in more than 100 countries; or Travelers Group, whose businesses covered credit services, consumer finance, brokerage, and insurance. As such, the company history dates back to the founding of: the City Bank of New York (later Citibank) in 1812; Bank Handlowy in 1870; Smith Barney in 1873, Banamex in 1884; Salomon Brothers in 1910. (Wikipedia Jan 2010)

Fund management

Legg Mason argues for stock buybacks

By John Schroy, on March 7th, 2006 |

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Legg Mason, the giant asset management company that was recently sold off by Citigroup, issued a report on January 10, 2006 by Michael Mauboussin, Chief Investment Strategist, entitled, “Clear Thinking About Share Repurchases”.

The general tenor of the Legg Mason commentary seems to be favorable towards buybacks, especially extremely large buybacks that are aggressively pursued and that, presumably, are more effective in jacking up stock prices and making investment managers look good.

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