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The bad news for Citigroup came not from auditors but from Wall Street traders. "Only two years ago a $55 stock," CNBC's David Faber reminded NBC anchor Brian Williams. "Now $1." As the Dow Jones Industrial Average fell 281 points to 6594, CBS' Anthony Mason pointed out that five of its 30 names have a share value in single digits: Citigroup, General Motors, General Electric, Bank of America, Alcoa--with American Express "threatening to join them." Mason talked to traders who told him "the banks need stability before stocks can stage a turnaround." For that, ABC's Betsy Stark (no link) explained to anchor Charles Gibson, they are relying on Uncle Sam's Treasury Department: "They see trillions being sent to rescue the banks but they do not see a plan to get toxic assets off the banks' books, which is what would give them confidence that the banking problem has been fixed."
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