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I like the last sentence - basically, its nothing 'right' with this bank, its got the wrong CEO.......... LOL
$3 Citigroup Still Needs to Be Broken Up
Posted Jun 23, 2009 04:00pm EDT by Joe Weisenthal
From
The Business Insider, June 23, 2009:
It's amazing. For all the support the government has provided Citigroup, its shares still languish at $3.
On the bright side, that's about 3x its levels back in March. But it's still off about 85% from its year highs, which itself is well off the stock's all-time highs.
The bottom line is that investors don't think there's any future here. And yet the bank is still a huge source of systemic risk, and the government would again be required to bail it out if it got itself into trouble (or if the company burns through the current bailout).
Unfortunately, CEO Viram Pandit is not interested in slimming down. He's talking about growing internationally, beating more on emerging markets. Lovely. Oh, and he can look across the pond, where the CEO of almost-fully-nationalized RBS just got a 9.6 million GBP bonus. Yeah, nationalized banks can give huge bonuses too.
Basically, there's nothing right with this bank. It's got the wrong CEO, the wrong strategy, and it's got no appeal to investors, while still carrying monster risk for us the taxpayer. It's time to end this one.
As posted earlier that US is gonna to announce their various bank stress test by end ds mth. AK not sure is it on d bright side or d otherwise
But Spore banks take Q fr US, may be good help for retailers.
Anyway, last Fri, Citi closed at 4.01, up 4 cts. Whereas JP n M. Stanley were up a bit, less BOA which shed 10cts. AIG gained 9 cts.
If long term, no issue, if go for short term, be alert on d market trend n big news ard d world liao, esp in US. However, AK chao AIG n Citi for teh talek liao. But shall return to ambush ds 2 burgers, cheap thrill ones.
niuyear ( Date: 20-Apr-2009 14:00) Posted:
| Hi, is it right time to buy citibank share in US mkt? $4 plunged down to $3 plus . Tks! |
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Hi, is it right time to buy citibank share in US mkt? $4 plunged down to $3 plus . Tks!
As far as d broking hse dun give u d hassle of paper work, ie issue u a foreign currency chq n asking u to issue chq etc, as can make mistake n misunderstanding, ok liao. Giro n online, including WIFI, bill payment kill d hassle.
Ha ha, no issue on d commission, people earn living mah. Cheers.
Just copied from citibank website, don't have $10 leh
Brokerage Fee
Trade amount CITIGOLD / CITIBLUE
Minimum charge US$29
US$0 - 19,999 0.35%
US$20,000 - 49,999 0.35%
US$50,000 and above 0.30%
Citibank charges $10 buy and $10 sell per trade.. just need to maintain a USD acc and transfer fund into the brokerage acc before purchases US stock.. USD acc still generate interest. Sweet....
Don't forget to factor in currency risk. Placing deposit in US dollar poses some risk when converting back to Sing.
BTW, i'm using CIMB and the %com is about 1.5 only, excluding the currency rate.
Hi tinpeng,
Thanks for your info, I'll keep in mind. Think I'll open account with Etrade since there isn't seem to be other choices in singapore.
Issues to Consider
1) Is there any Deposit Gurantee? Deposit Gurantee is US$100,000 for deposits in US Bank. If you have more than US$100,000 in US Banks, you will be subjected to risks.
2) No contra trading allowed. Have to put in collateral first before you can trade.
For Local Brokerages, under MAS regulations, Local Brokerages cannot mix company's working capital with clients money.
If i am any of you out there, I will maintain 2 accounts. 1 with local house(For Contra) and the other with US discount brokerage(will make sure I have less than US$100,000). I think its better to be safe.
Regards
www.markettalk.org
Aiyo, don't need already as AMERITRADE replied that they are currently unable to open new accounts for clients with mailing
and/or physical addresses in Singapore. This is a result of a thorough
legal review of established regulations in singapore.
Hi all,
As for ETRADE, you need $50k in their account if not it'll cost $12.99 per transection.
AMERITRADE charges $9.99 / transection but I'm not sure about any hidden costs, anyone using AMERITRADE ? Thanks
I saw the ad and rang up to sign for an account.
keepnosecrets ( Date: 13-Apr-2009 10:50) Posted:
| Wow, really big difference between local brokerage commission and Etrade's commission. Today Straits time has Etrades' advertisement on a insert attached on the front page. Really worth to trade US stocks through them. Good bye to OCBC and Phillips on the US trades! |
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Wow, really big difference between local brokerage commission and Etrade's commission. Today Straits time has Etrades' advertisement on a insert attached on the front page. Really worth to trade US stocks through them. Good bye to OCBC and Phillips on the US trades!
The difference is between heaven and hell!. Imagine if you just trade 50 shares, (not to say 500 shares), you pay say Ocbc or Phillips a buy commission of between 0.25 to 0.4 percent amounting to betw USD$50 to US$75.00 per trade. Two way means betw US$100 to US$150. Could be more because of splintered execution, that means you got 10 shares at a time before the order of 50 share are executed.
Compare to paying on US$10 to US$20 for the trade with a foreign broker (or its branch in Singapore), you could save a fortune over a long run.
Local brokers should consider lowering their commission if they want to encourage dynamic trading.
Alligator ( Date: 12-Apr-2009 15:20) Posted:
wah.... 500 shares of 360 USD each means 180K USD!!.....
if you use etrade, you must first have more than USD180K in your trading account, then you can do this trade.
Assuming you do have more than USD 180K in your account, then BUY at 360 would cost you 9.99USD ( this is one trade) and sell at 370USD ( this is one trade also) also cost you 9.99USD, so your total cost of trading for both BUY and SELL by etrade would cost you USD 19.98.
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Etrade is already in singapore since 1-2 years ago.
https://global.etrade.com/e/t/intl/page?nav=1&subnav=1&screen=1&country=sg&language=enCustomer Service |
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Residents of Singapore
Telephone: +65 6438 8228
If you cannot reach us
at this number,
please call +852 3191 3000
Office Hours: 9:00 ? 18:00
(Singapore Time) |
"Hi all,
I've realized that the local brokers here have a pretty high custody fees in the foreign markets. Commission charges are pretty high too. And yes, I'm looking into long-term investments... which is why I don't really see myself paying that much for custody charges.. it can be more than $600 per year, not including the commission charges when I buy/sell.
Just did a google search and I found this site - https://us.etrade.com/
Anyone uses that? Any comments? Or perhaps there are other ways to avoid paying such high commission fees? "
wah.... 500 shares of 360 USD each means 180K USD!!.....
if you use etrade, you must first have more than USD180K in your trading account, then you can do this trade.
Assuming you do have more than USD 180K in your account, then BUY at 360 would cost you 9.99USD ( this is one trade) and sell at 370USD ( this is one trade also) also cost you 9.99USD, so your total cost of trading for both BUY and SELL by etrade would cost you USD 19.98.
It pays to use foreign brokers for foreign trades.
Take for example if you buy 500 shares Googles at US$360.00 and sell at 370, the round trip would have cost more than SGD 1150 in commission if you traded with a Singapore broker. You could save a few hundred dollars trading direct with a US online brokerage for the trades. The saving is profit.
The commission charged by local brokers on US trades are truly exhorbitant. Foreign brokers offer much cheaper rate of commission. Some of them can be based on per trade basis of say US$5 to US$20 (depending on which brokerage), while there are commission schemes based on number of shares traded. A dramatic saving can be made by opening an account with a foreign broker. You can transfer funds to and fro from your accounts and these online brokerages are also regulated by the SEC so it is quite safe.
You can obtain information by making an online search for online brokerages.
hmm.. anyone ??
I see! So to get some assurance... it makes perfect sense to buy US stocks on ETrade instead of our local brokers right?
