California Bankrupt or Citi Broken Up?

As we head into a new week, I got to thinking, I wonder which will happen first…will Citi Bank be split up before or after California goes bankrupt?  Although that sounds tongue and cheek it is a real possibility that one if not both of these events will occur.  California Governor Arnold Schwarzenegger has issued an executive order in an attempt to address the serious financial issues facing the State whereby all “contracts proposed to be entered into during the 2008-2009 fiscal year by State agencies and departments, regardless of funding source, are hereby disencumbered”…obviously not good.  As far as Citi goes, there was rumor that Sheila Bair was going to go head the head with Pandit but nothing much has come of that (yet).

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