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Thread: US increases stake in Citigroup

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    US increases stake in Citigroup

    Citigroup and the US Treasury have reached a deal that sees the government substantially increase its stake in the ailing bank from 8% to 40%.

    The deal does not require extra taxpayer investment, but is dependent on Citi raising extra private capital.

    Citi shares opened down more than 30% as investors worried about their stake in the bank being diluted by the move.

    As one of the banks hardest hit by the continuing credit crisis, Citi has already gained $45bn in Treasury cash.

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    Is AIG next, or will it be broken up?

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    Re: US increases stake in Citigroup

    They went down to 1.43 so far today

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    Re: US increases stake in Citigroup

    Citigroup shares plunge again after latest bail-out plan is revealed

    Panicked Citigroup shareholders fled the ailing banking group in droves last night as the US government stepped in with plans to take a 36% stake in the company and remove a number of directors.

    After the government released plans to take what is in effect a controlling shareholding in the world's biggest banking group Citi shares plunged 39% to close at just $1.50. The rout contributed to a fall of 119 points in the Dow Jones Industrial Average, taking it to 7,062 points - a twelve-year low.

    The US government's move, made after days of speculation that Citi was to be nationalised, is the third attempt by the US Treasury to stabilise the troubled banking group and arrest the rapid decline in its share price.

    FULL STORY

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    Re: US increases stake in Citigroup

    Corporations and Governments coming to together....now where have I heard this before.....hmmmmmmmm.
    Jackboots always come in matched pairs, a left boot and a right boot.

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    Re: US increases stake in Citigroup

    Not much hope in this change..... Statism in a soft tyranny.
    Let evil swiftly befall those who have wrongly condemned us

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    Re: US increases stake in Citigroup

    Quote Originally Posted by chevydriver1123 View Post
    Corporations and Governments coming to together....now where have I heard this before.....hmmmmmmmm.
    Well, you're in the northeast so Conrail?
    down for you is up

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