Feds openly manipulate Citigroup stock price

Washington Examiner ^ | 12/18/09 | DAVID FREDDOSO

[FromLori]

When contacted by the Washington Post to explain the special $38 billion tax deal the government is giving Citigroup, officials at the Department of the Treasury offered this explanation:

Treasury officials said the government needed to grant the tax break in order to sell its shares in Citigroup because the company could not afford the loss. Officials also said that preserving the tax break would help the government sell its shares at a higher price.

If any other shareholder engaged in this kind of behavior, he'd probably be indicted. Rep. Dennis Kucinich, D-Ohio, is rightly planning hearings on this debacle in his subcommittee, but that doesn't mean the proper lessons will be learned about government ownership of industry.

[Oldexpat]

It looks like the Govt has put a limit on the decline of C stock. They refused to sell at the market price. C’s sale of additional stock was a success..at a price lower than the Govt would accept. Today there is a lot of buying of C stock.
Not only are these few banks to big to fail..they are too big not to make a profit and grown stockholder equity.

[FromLori]

ping and related

Citigroup Does The Impossible: It Screws US Taxpayers AGAIN

http://www.businessinsider.com/henry-blodget-citigroup-does-the-impossible-it-screws-us-taxpayers-again-2009-12

Treasury total and complete liars now whether one likes Taiibi or not he details it in this report about obama

http://www.rollingstone.com/politics/story/31234647/obamas_big_sellout/print

and

U.S. gave up billions in tax money in deal for Citigroup’s bailout repayment

http://www.washingtonpost.com/wp-dyn/content/article/2009/12/15/AR2009121504534.html?hpid=topnews

Meanwhile, as U.S. policymaker tout the newfound “health” of the post-TARP banking system and investors hope future profitability will make the current dilution worthwhile, Whalen notes some very savvy foreign investors are heading in the other direction.

The Kuwait Investment Authority recently sold its $3 billion stake in Citigroup and The FT reports is considering changing its business relationship with the bank, including transferring its funds on deposit at Citi. Meanwhile, The Abu Dhabi Investment Authority is trying to abort an agreement to buy $7.5 billion of Citigroup stock, claiming the bank misled it about the investment.

http://finance.yahoo.com/tech-ticker/american-kabuki-u.s.-lets-big-banks-repay-tarp-for-all-the-wrong-reasons-393780.html;_ylt=A0wNc9HJPypLhtsADGVk7ot4;_ylu=X3oDMTB2ODQ3NWhqBHBvcwMxMwRzZWMDYXJ0aWNsZUxpc3QEc2xrA21vcmU-?tickers=C,BAC,WFC,XLF,JPM,GS,MS

http://finance.yahoo.com/tech-ticker;_ylt=Am0xweO8wlIC0BY_0VQb8stl7ot4;_ylu=X3oDMTEwbDNvam4wBHBvcwMzMgRzZWMDdG9wTmF2BHNsawN0ZWNodGlja2Vy

Citigroup: Watch The Insiders

http://blog.atimes.net/?p=1281

http://www.businessinsider.com/citigroup-watch-the-insiders-2009-12

So Much For The Taxpayer Profit In Citi: Treasury Shares To Be Offloaded Over 12 Months After Investors Balk At Overpriced Toxic Holdings

http://www.zerohedge.com/article/so-much-taxpayer-profit-citi-treasury-shares-be-offloaded-over-12-months-after-investors-bal

And here is proof that Citigroup has proudly desceneded into total worthlessness (from a Citi December 11 report). When even S&P is ahead of the curve, it is time to call it a career:

http://www.scribd.com/doc/24055944/Greek-Banks-Home-Work

http://www.zerohedge.com/article/greece-default-risk-surges

An Epic Failure For Citi’s Capital Markets Team

http://www.businessinsider.com/an-epic-failure-for-citis-capital-markets-team-2009-12

Citigroup’s Latest Secret Tax Bailout Is An “Outrage” And “Farce,” Kucinich Vows To Investigate

http://www.businessinsider.com/henry-blodget-citigroups-latest-secret-tax-bailout-is-an-outrage-and-farce-yells-kucinich-who-vows-to-investigate-2009-12