The Gambler (Musical Tribute)

May 3, 2006
New Study Finds Similarities Between Monkey Business And Human Business

"Our results suggest that loss-averse behavior is a very general feature of economic choice," explain the authors. "Given our capuchins' inexperience with trade and gambles, these results suggest that loss-aversion extends beyond humans, and may be innate rather than learned."

Fortunately, the U.S. taxpayers do not rely on inexperienced monkeys to do the trading and gambling on our behalf.

November 16, 2006
Citigroup gambling on China

KAI RYSSDAL: Here's a deal that's turning some heads. It's a a stake in a major banking operation. Never mind a history of mismanagement and corruption. Not to mention a mountain of loans that might never be collected. None of that seemed to matter in the bidding for a 20 percent share of China's Guangdong Development Bank.

Citigroup's Stock Price: $50.66

December 15, 2007
Citibank's new chief takes $49bn gamble

The new chief executive of the world's biggest bank, Citigroup, has opted to bail out $49bn (£24bn) of troublesome mortgage-related investment vehicles, in a fresh sign of the damage caused to the financial industry by the global credit crunch.

Citigroup's Stock Price: $34.58

November 27, 2008
Citigroup says gold could rise above $2,000 next year as world unravels

This gamble was likely to end in one of two extreme ways: with either a resurgence of inflation; or a downward spiral into depression, civil disorder, and possibly wars. Both outcomes will cause a rush for gold.

Citigroup's Stock Price: $7.05

So what will Citigroup do to earn money in such a harsh environment? Safely hoard toilet paper? Not exactly. They are going to gamble on mortgages again. That's the last thing the monkeys would expect! Genius!

February 3, 2009
Citgroup to deploy $36.5 billion to boost loans: report

Of the residential mortgage funds, $10 billion will go toward buying securities backed by mortgages that conform to Fannie Mae and Freddie Mac standards while $7.5 billion will be used to buy prime home mortgages in secondary markets.

Citigroup's Stock Price: $3.46



On a warm summers evenin' on a train bound for nowhere
I met up with the gambler; we were both too tired to sleep
So we took turns a starin' out the window at the darkness
Til boredom overtook us, and he began to speak

He said, son, I've made a life out of readin' peoples faces
And knowin' what their cards were by the way they held their eyes
So if you don't mind my sayin', I can see you're out of aces
For a taste of your whiskey I'll give you some advice

November 25, 2008
Citigroup rescue a gamble for taxpayers

Whether the government's rescue of Citigroup, announced late Sunday, will ultimately prove a good deal for taxpayers is hard to tell. In part, that's because no one seems sure what Citi's troubled assets are worth.

Walkin' away since 2004.
Runnin' away since 2007.

I sure hope 2010 doesn't become the year of the bunkerin'.