Weekend Investment Reading – Citi to the Rescue

by Investing School on February 27, 2009

It’s more like taxpayers to the rescue, but it sounds like the government will try to convert $25 billion of preferred shares into common stock in exchange for a 36% ownership of Citigroup. This is much less than the 90% stake that other people were talking about but still, doesn’t this basically mean nationalization since the next biggest shareholder probably owns less than 10%?

I mean, I can pretty much bully my way into getting everything I wanted to pass the votes if I am the biggest shareholder of any company right?

Oh well, looks like Citigroup’s stock is down big (for those that even thinks it matters anymore). Stay away from the banks unless you are a trader and want to gamble.

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