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Citi Price Rumored At $3.15, $20.5 Billion In New Securities, Government To Keep $5 Billion In Common Stake As Below Cost-Basis
Congratulations Citi: your ability to pay massive bonuses by rushing out of TARP just cost US Taxpayers their cost basis in your garbage stock (not like there was any doubt). Look for a firestorm of critism tomorrow as the populist anger at Vikram et al is rekindled, this time for cause.
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CNBC confirms
Mr Paulson
:-)
Citi common stock closed at $1.50 on the day Treasury (Geithner) agreed to exchange $25 billion of taxpayer money invested only a few months earlier in Citi preferred stock to common. But Geithner wanted to hold down the government's percentage ownership of Citi to 36%, so the conversion price was $3.25, more than twice the market price.
http://www.marketwatch.com/story/government-boost-stake-citigroup-36-shares
Cost basis?? Does anyone even know the true cost basis after tax concessions? Why is Citi still even a business? They should have filed, and divisions sold off by now. No wonder the economy won't move with these balls and chains.
We has a bankrupt government bartering with a bankrupt bank over borrowed billions from China.
The abnormal is now normal.
well said Rainmain !
that's the sad but new reality, until everything blows up !
Less than the gov't. Ha ha.
Or I guess that's doh (bailout at too high of price)
At least there's some egg on their faces.
I wonder how much of the money Citibank used to pay back TARP was in the form of interest received from the Treasuries they bought with the money they got from the Fed in exchange for toxic MBSs.
Sugar & Cocoa prices soar to all time highs!! Joe thanks Ben for his morning cup of Joe !! Pays a bucket for it soon.. Great TIME(s)
Maybe Sheila Bair will shut them down this friday and put them out of their misery
What a nice dream!
This is what Marv Albert refers to as "mammoth garbahhhge time".
The game was decided long ago, the players are now scrubs and the action is extremely amateurish.
Another idiotic decision by Citibank. There is only one reason this had to be done by year end. Rubin Inc. is batting 1000
Citibank first to go boom next.
Then BOA constrictor. BAC. Bank of Armenia Corp.
Redsky dedsky.
JP Morgan. The One bank to rule them all.
We Rockefellors. We run this town.
Like Ice on cake a fat kid loves me.
I'm a rap catastrophe, no getting past me
Like a bad date I'm your fate so don't play homey
blow me
-MobBarley
can someone smarter than me figure out how much back door bailing out was done via the 2-3 trillion the fed has given out but will not disclose reciepients?
What has been generated on interest in that - worst case...
I wonder how that jives with the repayments we are seeing?
Bove on CNBC earlier. Talking about all of the advice that he gave during his "meetings" with Citi a couple of weeks ago. I'm sure no non-public info was exchanged during those meetings.
Bove on CNBC earlier. Spent a lot of time talking about all of his "meetings" with Citi's management a couple of weeks ago. I'm sure everything discussed at those meetings was above board and publicly disclosed to the rest of us.
1) Kuwait sells a boatload at (nevermind)
2) Kuwait is on the hook to buy a boatload at (nevermind)
3) The anticipated price in this fine article
C'mon sheeple, let's help the SEC with timelines and connect the dots.