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Weekend Investment Reading – Citi to the Rescue

It’s more like taxpayers to the rescue, but it sounds like the government will try to convert $25 billion of preferred shares [1] into common stock [2] 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 [3] unless you are a trader and want to gamble.

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