This site

I have had requests to keep this site open. We have had a direction change at the former Citizens bank. It wasn’t the one we were hoping for, but direction change was the original goal here.  If it is useful to keep this site up, I will continue it for a while.

If you have any pertinent information you wish to share, you may post it here for now.

Feel free to send any constructive suggestions.

33 comments on “This site

  1. In response to Anonymous who suggested that a law suit was the answer to our loss I posted the following:

    “Ask yourself if you want to wait over three years for a settlement that provides you with .01 on a dollar of losses and gives the rest to the lawyers? And the settlement doesn’t cost the persons responsible one penny because it is paid by insurance.”

    Well in today’s mail I received securities form from a class action suit against Citigroup(gotta love these banks). I thought it would be interesting to compare what I wrote against reality.

    This suit goes back to purchases made from February 26, 2007 to July 17, 2008. We are already 4 years + into the suit and just now making our claim.

    The expected recovery is .19 per share (“before the deduction of any court approved fees, expenses and costs described herein”) of documented losses.
    If you do the math .19/35.41 = .53%. That is less than 1% and we haven’t taken out the fees.

    In my opinion, you are better off taking the loss off your taxes and forgetting the lawsuit.

      • You can also use up to $3000.00 against ordinary income and can carry the remainder loss forward forever. Talk to your tax preparer.

    • Do you feel that there will be any legal action taken against Tony and/or the board for their abhorrent actions and misbehavior? Surely, there must be some accountability for playing such a major role in destroying an institution that had been successful for almost 150 years. Otherwise, what’s to stop others from doing similar misdeeds?

      • I’m not a lawyer, and don’t know the time limits for filing suit. But, there is a possibility that the FDIC will sue various officers and board members. If time limits allow it, might be best let the FDIC go first, make the case, and then the stockholders can pile on with minimum legal effort.

        • I believe the FDIC has up to three years for negligence or gross negligence.The problem seems to be that the D&O insurance is the only money out there, and when it is gone, it is gone. That is providing that there is no fraud. If there has been fraud, then they seem to go after the individuals, too. Links on the sidebar, especially the OIG, OCC and FDIC all have information available.

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