BB
What Citi says has got to be taken with a grain of salt. In fact a big one.
In recent years we have had GS, HSBC, JP Morgan, etc admit to market manipulation and pay fines. At the end of the day the fines were probably less than the profits made.
In this case I expect Citi has a very big derivative position on POO and it is in their interests to talk up their position. Such is the jungle and wild animals all of us have to live (die) with everyday.
They are talking their book. And their book is probably immense.
$50 to be the new norm, page-34
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