Story here and Here
Like WTF?
Fidelity – the mutual fund folks in Boston spent the 4th quarter of 2008 buying up CitiGroup stock! Perhaps it was them trying to “double down” or just being insanely stupid or trying to help out a “friend”.
A lot of people have money at Fidelity (I have a 401(k) there)… time to read up on what happens if a mutual fund family fails…. In theory, each mutual fund is firewalled off from the main company – but then again, in theory Bernie Madoff was buying the stocks for his clients.
*** Update ***
Friday, panic selling of CitiGroup caused a record one day trading volume in a single stock – 1.87 billion shares. The prior record holder was Worldcom on July 1st, 2002 – after it was charged with improper account by the SEC and three weeks before it filed for bankruptcy.
Tags: alcoholism, Fidelity, SIPC