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Citigroup stock falls below $1 a share

danarhea

danarhea

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A few minutes ago, the value of a share of stock in Citigroup plunged below one dollar. For all practical purposes, those who invested in that stock are effectively wiped out.

To those who, in the past, have asked why we shouldn't privatize Social Security by letting it be invested in the stock market, you are looking at the answer. There is a reason to wall off, not only Social Security from the market, but also to wall off different sectors of the economy from each other. Why Phil Gramm came up with his nutty plan to dismantle the Glass-Steagal Act, and why Bill Clinton signed it, is beyond me. We are now paying the price for that foolish decision.

Article is here.
 
CNBC just said the 1 dollar delisting rule has been suspended.
 
The phrase "fell off a cliff" comes to mind

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Frankly I'm surprised this didn't happen earlier. Right now it's at 1.00 exactly.

CNBC just said the 1 dollar delisting rule has been suspended.
Click to expand...

It wasn't suspended back when AIG's stock tanked?
 
Last edited:
danarhea said:
A few minutes ago, the value of a share of stock in Citigroup plunged below one dollar. For all practical purposes, those who invested in that stock are effectively wiped out.

To those who, in the past, have asked why we shouldn't privatize Social Security by letting it be invested in the stock market, you are looking at the answer. There is a reason to wall off, not only Social Security from the market, but also to wall off different sectors of the economy from each other. Why Phil Gramm came up with his nutty plan to dismantle the Glass-Steagal Act, and why Bill Clinton signed it, is beyond me. We are now paying the price for that foolish decision.

Article is here.
Click to expand...

Well not to be a Clinton defender, but it wouldn't have mattered if he vetoed it. There were enough votes to override, as it was hugely bipartisan(90-8 in the Senate). Still, I think even in the threat of veto override, a President should use his veto power(if he disagrees with the bill) anyway, to go on record as voting against it. Since Bill Clinton did not, its purely speculation whether he supported it or not, personally.

But the repealing of this act is a HUGE part of the mess everybody is in today, IMO. At least banking wise.
 
WI Crippler said:
Well not to be a Clinton defender, but it wouldn't have mattered if he vetoed it. There were enough votes to override, as it was hugely bipartisan(90-8 in the Senate). Still, I think even in the threat of veto override, a President should use his veto power(if he disagrees with the bill) anyway, to go on record as voting against it. Since Bill Clinton did not, its purely speculation whether he supported it or not, personally.

But the repealing of this act is a HUGE part of the mess everybody is in today, IMO. At least banking wise.
Click to expand...

Exactly. On supporting the dismantling of Glass-Steagall, however, whether Clinton wanted it or not, he is still responsible because he signed it, as well as 90 members of the Senate because they voted for it.
 
It's time for the feds to nationalize Citigroup and AIG until this crisis ends. They can call it something else, if they're still afraid of that word. But they need to do it.
 
On your way to work this morning, instead of buying starbucks overpriced coffee, buy a 1000 shares of citi!!!

- David Letterman
 
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