Posted on 02/27/2009 4:15:24 AM PST by tobyhill
The government is on the verge of closing a deal to significantly boost its ownership stake in Citigroup. In return, it will demand changes be made on the troubled banking giant's board and other conditions, according to a person with knowledge of the discussions.
The increased stake in Citigroup Inc. will not require additional money from taxpayers and the bank will still have to undergo a "stress test," such as those that banking regulators started conducting this week on the nation's biggest banks, said the source, who spoke on condition of anonymity because a deal hasn't been officially announced.
(Excerpt) Read more at msnbc.msn.com ...
Socialism here we come!
When banks go socialist...
Freepers, Please close your Citi acount if you have one. Cancel your Citi card if they have your credit card - it’s easy to get another card elsewhere. Please make sure that this bailout kills the company and that all bailouts kill the bailed company. It’s much cheaper for Citi to die than for democrats to have a case that bailouts work. It’s also a moral imperative that we maintain capitalism and private property, and bailouts are the opposite of respecting private property.
Citi’s market cap is less than the Taxpayers investment. What a deal Tim “ Tax Cheat” made. What made Citi think it could buy Wachovia earlier this year. Hearings are needed.
Sorry market cap yesterday 13.6 Billion
Just kill it already ! Doubling and tripling down on a losing investment is usually a losing strategy.
The market loves it. Citigroup (C) closed at 2.46 yesterday and is now trading at 1.18. The Socialists are destroying the economy on purpose to “remake” it in their image. This can not end well.
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