Nationalizing Banks USA: Another day, another multi-billion-dollar bank bailout for Citigroup
(Photoshop credit: Radio Vice Online)
Another day, another multi-billion-dollar bank bailout.
The Treasury Department is back with a half-baked plant to soak up 36 percent of ailing Citigroup. Because the first $45 billion worked so well!
The deal will convert preferred shares into nearly worthless common stock, put the taxpayers’ stake in the company at nearly 40 percent, and continue the borrow-spend-panic-bailout-repeat cycle.
Instant verdict: “Shares of Citi tumbled 56 cents, or 22.7 percent to $1.90 in premarket trading.”
Insanity.
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