Friday, February 27, 2009

Citi Bank Gets Third Bailout

When do the bailouts end ? The Obama Administration will
boost the taxpayers stake in the troubled bank by 36% with an additional stimulus of $25 Billion in capital infusion by converting preferred stock into common stock.

Citi Bank shares fell to $1.69 before the opening bell this morning on news that Obama is nationalizing the ailing institution. Stockholders will see their equity positions shrink.

In October, I wrote here that President Bush told the American people, that nationalizing banks was only temporary---Riiight

More here U.S. Boosts Citigroup Stake In Third Rescue Attempt