With all of the write-offs it has taken in the past and all those it is likely to take in the future, the market rubbed more salt in the wounds of Citigroup (NYSE: C). Apple (NASDAQ: AAPL), parent of the iPod, has passed Citi in market cap.
According to Bloomberg "Even after a 26 percent decline in its own shares this year, Apple has a market value of $129.3 billion to Citigroup’s $121.6 billion."
While the Apple number may be impressive, the Citi figure shows that the bank and its peers are viewed as the equivalent of equity "junk bonds", risked investments for those intrepid enough to go into dark waters.
Who knows, by the end of quarter, if Apple does well in earnings, it may have double Citi’s market value.
Douglas A. McIntyre