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... just pay $27.5 billion for $20.8 billion worth of Citigroup
stock!
It is sad that just one trading hour later that stock is now worth
$14.6 billion.
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NEWS ALERT
from The Wall Street Journal
Feb. 27, 2009
Citigroup reached a deal for the U.S. government to take a larger
stake in the bank. Under the plan, Citigroup will exchange up to
$27.5 billion of existing preferred securities for common stock at a
conversion price of $3.25 a share, giving the government up to a 36%
stake.
The company will reconstitute its board to include a majority of new
independent directors. It said of the 15 current directors, three
will not stand for reelection and two will reach retirement age, and
it will announce new directors soon.
http://online.wsj.com/article/SB123573611480193881.html?mod=djemalertNEWS
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