in a word: WACHOVIA!!!wachovia is gone, taken over by citigroup,...

in a word: WACHOVIA!!!


wachovia is gone, taken over by citigroup, who are without doubt the most ruthless guys on the street. lehman brothers pleased with citigroup to be taken over just before they collapsed but citi told them to walk away.

if you guys think citigroup has the time or patience to keep centro afloat then think again. think about how many billions citi has written off, and you think they will waste their time worrying about their puny sub $1bn centro exposure. guys they will pull the pin and let centro fail. afterall major US banks are being allowed to fail left right and centre, why would citigroup be so benevolent to cnp???

if centro has any hope of surviving, they will need the other banks to join a consortium to buy out wachovia's share. this will never happen in the current environment where the banks are hoarding every penny. and if some of the banks did form such a consortium then they would want much better security which the other banks would never agree to and also the hybrid issue would be much more dilutive.

guys mark my word for it. centro will go into Volunary Administration on Dec 15. for those first time punters thinking about getting into cnp go put your hard earned somewhere else. all us hotcopperites have lost thousands on this dog.