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U.S. Agrees to Raise Its Stake in Citigroup

Started by stevejhx
about 17 years ago
Posts: 12656
Member since: Feb 2008
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In its most daring bid yet to stabilize Citigroup, one of the nation’s largest and most troubled financial institutions, the Treasury Department announced on Friday that it would vastly increase its ownership of the struggling company. http://www.nytimes.com/2009/02/28/business/28deal.html?_r=1&hp Whereto, bonuses? Nowhere. And nowhere for Manhattan real estate. The upcoming auctions of new development will reset prices 50% below current levels. Still no one will buy. No credit, no cash, no need. I said a year ago when I began to post that this was the perfect storm. It's playing out exactly as it had to.
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