Business as usual at Citi: Cruise through bull market, blow self up in bear market, run to Middle East for help. Thanks to an emergency $7.5 billion cash injection by Abu Dhabi, Citi may have staved off E*Trade-like desperation, but the swift plummet of this once mighty financial conglomerate should be a warning to anyone still hallucinating that the mortgage mess will stay “contained.”
As financial commentator Jim Grant is said to have said, the credit crunch is contained to planet Earth. Despite continued optimism from those who argue that “except for the housing, retailing, and financial sectors, everything’s great!”, advertising-dependent businesses should brace for impact. So should those clinging to hope that the New York economy is “immune.”
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