Citibank 1.6 billion Shares traded. This is a capitulation, the death throw of a corporation.Well, we aren’t going to nationalize it but the Treasury will take 75% stake in Citibank knocking the investors value out the window.
Taking common equity. This basically gives us a value of 0 for the common stock. Preffered stock has no dividends, it is over.
Old Soviet Union is jealous.
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