The Path to the Pegasus Letter

JP Morgan Chase…

JP Morgan slashes 10% of it investment banking staff (JPMorgan cuts investment banking jobs: sources; Reuters).

3,000 gone which means only 26,000 need to be axed before they have trimmed down to an acceptable level. JPM is under pressure as even the biggest idiots in the business understand that the decade long desperate attempt to create an illusion of professionalism busted and the truth starts to surface (JPMorgan shares tumble on bank woes; AP).

Maybe the Septic Tank and the International will construct another fire sale…


AIG…

It does not matter how much money you through at a fire…it will keep on burning…it is just sad that there seems to be a severe lack of any intelligence among those who approach that fire (China fund in talks for stake in AIG unit: report; Reuters).

They seem to think that the more money you throw at the fire the quicker it will be extinct but fail to realize that the money fuels the fire…


GE...

Right, they don’t seek to raise money from sovereign wealth funds a la $15 Billion October Misstep but they do seek partnerships (GE says not seeking sovereign-wealth investment; Reuters).

Maybe GE is too proud right now to admit that they face more severe problems than they want to admit...


GM...

Member of Detroit’s Pathetic Three (Detroit’s Pathetic Three…; The Path to the Pegasus Letter) continues its desperate attempts to decrease their cash-burn rate (GM to extend holiday shutdown, will cut production; AP).

It is time for GM to fail since they have been allowed to be a drag on the economy far too long…but the socialists which now want to unite behind BHO will do whatever they can to ensure more failure in the future (Obama low key but active in auto rescue talks; AP).

GM deserves to fail as failure is the only cure to the problem…


Delta...

Delta plans to continue to trim down in order to reflect the dwindling demand for domestic as well as international travel (Delta to trim future US, international capacity; AP).

Delta, after years of management missteps, at least attempts to remain ahead of the curve…


Goldman Sachs...

Since it is not a big secret that GS is not what it wants you to believe it is they continue to make obvious statements several months after facts have surfaced (Goldman cuts U.S. growth forecast; Reuters).

Oh well, no intelligent individual pas attention to GS anyways…

Recessions causes professionalism and sophistication to surface and separates success from failure!

Yes, Citigroup tries to play the ‘Too Big Too Fail’ card which is exactly what happens when you allow unqualified individuals manage a company. Some still refer to Citigroup as a financial giant based on the amount of liabilities on their books.

Citigroup attempted to acquire Wachovia with federal help (how pathetic can one management team possibly be?) in order to cement their ‘Too Big Too Fail’ position…but they failed too do that.

There were talks that the lousy excuse of a bank considered to sell a few liabilities and their share price rose pre-market on Friday (Citigroup shares leap on reports of firm’s sale; AP).

After the hopes for a sale Citigroup’s biggest idiot, CEO Pandit, squashed those hopes and said that rumors are at the heart of their problems (Citigroup’s Pandit: We will not sell Smith Barney; CNBC).

Oh really?

So rumors have caused you to mismanage the company…Pandit…you are a retarded piece of shit…just admit that you screwed the company in the ass and quit blaming everyone else…you are the toad fucker who is the CEO and you are responsible for what happens and not some rumors in the markets which were started after it became clear that you are worthless…simply ridiculous!

Finally, Citigroup’s share price approaches fair value (Pressure on Citigroup builds, shares fall below $4; AP).

Only $3 off the share price and the departure of Pandit and his mismanagement team and fair value should be reached.

Are you tired of Citigroup yet?

Citigroup continues down the path management decided to take the company and when even those who clearly lack insight about a company cut their views and estimates you know there are huge problems (Citi shares hit 15-year low as analyst cuts view; AP).

Over the past 52-Weeks Citigroup tumbled over 86% and there could be much more forced selling as the sticky little shit at the bottom of the barrel institutional investors are not allowed to hold shares below $5 (really pathetic but they claim it will reduce risk…they fail to realize that the only risk associated with equity markets is their lack of knowledge).

Citigroup breached the ‘magical’ $5 per share level and should they remain at that level for an extended period of time they could drop another 86% and given the management team, mismanagement team to be exact, shares could tumble another 99% to get to fair value (Citigroup’s Move Below $5 Could Trigger Major Selling; CNBC).

The pity investment by Prince Alwaleed bin Talal, Citi’s largest shareholder, who increased his stake from 4% to 5% is just hilarious (Alwaleed to boost Citigroup stake to 5 percent; Reuters).


Yahoo’s CEO may plan to step down but it could be too late as Microsoft has no interest anymore in Yahoo although it may have an interest in the company’s search engine (Ballmer dismisses Yahoo buyout but open on search; AP).

What will happen?

Yahoo may take anything now as it trades at $9 per share and below…the big question is not ‘what will happen’ but ‘why did it happen’.

Why did Yahoo not get rid of its CEO a long time ago?


Finally the Pathetic Three of Detroit got slapped in their face (International Beggar anyone?) and now have to face the consequences for decade long mismanagement…even the idiocy of the socialists may have turned their back (Dems delay auto bailout vote, seek plan from Big 3; AP).

Can it get any worse?

Sure, a mutual fund will get the job done and display even more ignorance and lack of professionalism.