Citi stock remains 90% below its pre-crisis level (or 50% lower after adjusting for its increase in share count) and, in our view, reflects the failure of resource allocation, oversight and management that stretches back to the formation of the company in its current form in 1998.
There are other arguments to be made about allocation of resources, whether or not the nursing home industry should exist in its current form, and so forth, but arguing that Medicare is crowding out benefits to nursing home employees is flimsy at best.