The $C follies continue, with government trying to "help" even more.
CNNMoney.com || Citi in talks over bigger U.S. stake - Report
NEW YORK (CNNMoney.com) -- Citigroup Inc. is in discussions with regulators about a plan for the federal government to take a larger ownership stake in the bank, according to a report Sunday.
The Wall Street Journal, citing sources familiar with the matter, reported that the government would convert a large portion of its preferred Citigroup shares to common shares.
The government received the preferred shares in return for investing $45 billion in Citi as part of the $700 billion bailout of the financial system.
Pasted from my iPhone!
http://pastebud.com
Remember when $C was at $30 a share and everyone thought it was the bottom? The financials staged a powerful rally around there and many worried that they missed it. Well, two monster government bailout packages later, a new President, and a new Super Bowl champ hasn't brought hope to $C shareholders.
I'm wondering if the government will create similar miracles to share prices of other stocks? I think you have to let the bad companies fail rather than prop them up and postpone what seems to be the inevitable.