Michael Shulman
Michael Shulman is the editor of ChangeWave Shorts, a newsletter advisory service that helps individual investors make money on the short side of the market.
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Portfolio Killers: 8 Zombie Stocks to AvoidMarch 10, 2009 By Michael Shulman, Editor, ChangeWave Shorts |
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Zombie Stock #3: Citigroup (C)
Citi has more toxic assets than the landfills around the New Jersey Turnpike. Its balance sheet is a wreck, and its off-balance sheet assets of mostly unknown quality are up to $1.2 trillion.
The government is the largest shareholder, and Citi will eventually have to break itself up, a process that began with the placement of its brokerage arm into a joint venture with Morgan Stanley (MS).
True shareholder value: zero
NEXT: Zombie Stock #4 – Fannie Mae/Freddie Mac
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