Massive Intervention in Citigroup This Morning

By: Francis Cianfrocca (Diary)  |  February 27th at 08:33 AM  | 

Something quite major happened in finance this morning. All week, officials like Ben Bernanke and Tim Geithner have been hinting that nationalization is not the way to save the banking system. So today they only nationalized Citigroup halfway. As part of the TARP plan, and also in a supplemental purchase, you the taxpayer have purchased about $45 billion worth of convertible preferred stock in Citigroup. | Read More »

Blue-Light Special

By: Francis Cianfrocca (Diary)  |  November 24th at 06:05 AM  | 

Last week was Citigroup’s turn. Citi is one of the world’s best-known banking brands, and was once America’s largest bank by market capitalization. Last week, investors knocked 60% off the value of Citi’s stock, in a nerve-rattling selloff that was too reminiscent of Bear Stearns and Lehman Brothers for comfort. Citigroup is too large to fail. It has about 200 million accounts in more than | Read More »