Citigroup writes down $18.1 billion due to investments related to subprime debt. Observers and analysts unanimously agree that that is a lot of billions. [Reuters]
Sears Holding Company, a conjoining of two defective retail companies, Sears and Kmart, expects to lose 60% this quarter. “Come see the poorer side of Sears.” Lack of price competition, Abysmal customer service, warranty repair services contracted out to incompetent skeezebags, oh, and let’s not forget two bollixed attempts at getting jiggy with the internets only to violate customer’s privacy (exhibit A, exhibit B)… what’s there to like? That shiner looks good on you, baby, you deserve it.
Circuit City posted a rather large loss this quarter, $207.3 million, up from $20.4 million a year ago. Stocks fell nearly 21% on the news. We went into a Circuit City a few years ago and remember it as being overwhelmingly gray in color. [CNN Money]
The Organization for Economic Cooperation and Development is predicting that mortgage-related write-offs could reach $300 billion, says the New York Times. Although major U.S. financial institutions have placed their estimates at around $50 billion, the OECD says that “a rougher period may yet await financial markets.”
After losing the first round of Worst Company In America, Monsanto suffered from low self-esteem and decreased motivation.