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.
Other Interesting Finance Articles
- I found a short two-part series that gives a simple explanation of the credit crisis. Go take a look to learn a little about how and why we got into this mess.
- Oblivious Investor tells us how to achieve worry free investing. Interested? I know I am.
- Four Pillars have a great post on why you need to be a good landlord. A great read for me because I’m thinking of eventually becoming one.
- ABCs of Investing talks a little about taxable and non-taxable accounts.
Finance Carnivals of the Past Week
- Personal Finance News Carnival
- Festival of Stocks
- Bankruptcy and Debt Carnival
- Rich Life Carnival
- Carnival of Personal Finance
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