Posted on 02/27/2009 5:37:21 PM PST by The Conservative Yogini
We end the week with stories of horror and disgust as we watch a devious government attempt to transform the zombie bank, Citicorpse, into a viable and healthy institution. Citicorpse is now going to be converting around $50 billion in taxpayer blood into common stock. Current shareholders get to lose all their guts. This is only one miniscule move in the long and sordid “march towards socialism”.
The day's news unsettled investors. Citigroup Inc. agreed to turn over a big piece of itself to the government, a move that fanned worries that other banks would face crippling trouble with bad debt. General Electric Co. slashed its quarterly dividend by 68 percent. Both companies are part of the Dow Jones industrial average, which fell 119 points.
Citigroup said before the opening bell that it agreed to a deal in which the U.S. government and private investors including the government of Singapore and Saudi Arabian Prince Alwaleed Bin Talal will convert their preferred stock in the struggling bank to common shares. The plan won't require additional money from the U.S. government, which holds an 8 percent stake in Citigroup and would own 36 percent. – Yahoo News, AP
(Excerpt) Read more at thegadflyblog.com ...
Relative of yours?
Sh*tty-Bank
America will never recover the damage this Administration has already done. And the future is even more bleak. King Obama is mentally ill, and his administration is pure senseless garbage. Dumping more billions on Citigroup is pure stupidity.
Aw, crap. This is my mortgage holder. (”mort gage” = Death Grip)
What do you suppose the effect will be on your mortgage?
Nope. Mine pay their debts and are a lot more stingy when loaning out... ;-)
That, my dear, is anybody’s guess. I’m hoping that since I’ve never missed/been late with a payment that I can stay under the radar.
LOL!
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