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online.wsj.com - 2/27/2009

U.S. to Take Big Citi Stake and Overhaul the Board

— online.wsj.com — [Citigroup Center in New York] Bloomberg News/Landov A pedestrian walks past the Citigroup Center in New York.... (more) U.S. to Take Big Citi Stake and Overhaul the Board

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Citigroup

Citi Holdings

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bloomberg.com - 2/28/2009

Citigroup’s Third U.S. Rescue May Not Be Its Last, Analysts Say

— bloomberg.com — Feb. 28 (Bloomberg) -- The U.S. government’s third attempt to help rescue Citigroup Inc. won’t stanch the... company’s losses , which will continue to swell and may lead the bank to require more money in coming months, analysts said. Yesterday’s action ... (more) Citigroup’s Third U.S. Rescue May Not Be Its Last, ...

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Citigroup

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ritholtz.com - 2/27/2009

Citigroup: World’s Worst Investment to Get Even Worse

— ritholtz.com — Losers double down. That’s the classic trading rule which the USA is about to violate in an... enormous way. According to trading maven Dennis Gartman , one should “never, ever, ever, under any circumstance, add to a losing ... (more) Citigroup: World’s Worst Investment to Get Even Worse

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Citigroup

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Citi Deal Details
Calculated Risk — From the NY Times: U.S. Agrees to Raise Its Stake in Citigroup [T]he government will increase its stake in the company to 36 percent from 8 percent. ... Under the deal, Citibank said that it would offer to exchange common stock for up to $27.5 billion of its existing preferred securities and trust preferred securities at a conversion price of $3.25 a share, a 32 percent premium over Thursday’s closing price. The government will match this exchange up to a maximum of $25 billion of its preferred stock at the same price. In its statement, the Treasury ...

We're Still in Control, Citi Chief Says
DealBook — ... Friday’s conference call: He wanted to know why current shareholders should want to stay on board with Citi, given the impression that the bank — which is being supported by Washington on so many fronts — is rapidly becoming a government appendage. Who’s to say that Citi isn’t going to be run “to fulfill public policy goals?”, Mr. Mayo asked. But Mr. Pandit tried to sweep away such concerns, stating that “we completely remain in control of the day-to-day operations of the company.” Go to Article from The New York Times »

Puzzling Quote of the Day
CrossingWallStreet.com — From the New York Times: Mr. Pandit described the exchange as “bridge to profitability” that was intended to appease the markets. On a conference call Friday morning with investors, he said the bank was committed to its remaining businesses and strategy. Mr. Pandit also tried to squelch concern that the government would play a more influential role at the company. “We are going to run Citi for the shareholders,” he added. If you're going to run Citi for the shareholders, that means you're running it for the ...

High on the Hill
Calculated Risk — Tomorrow morning at 8AM ET, the Buffett letter to investors will be released, and later I'll post a February Economic Summary in Graphs. The AIG deal might be announced Sunday evening or Monday morning. Today real GDP growth was revised down to minus 6.2% (annualized), the Citi deal was announced, two banks failed (Heritage Community Bank, Glenwood, Illinois and Security Savings Bank, Henderson, Nevada), and the S&P; 500 is back to 1996 prices. Also, the Restaurant Performance Index for January was released, and ...

Report: U.S. Discussing Selling Citi Shares
Calculated Risk — ... In the February bailout, the U.S. increased it's common stake in Citi by converting $25 billion in preferred shares into common. And the U.S. is still also guaranteeing about $306 billion in assets (per the ...

More on U.S. Possibly Selling Citi Stake
Calculated Risk — ... If I have the numbers correct, the total U.S. bailout of Citi was $45 billion (not including guarantees). Then $25 billion of preferred stock was converted to common at $3.25 per share in February - and that is the 7.69 billion common shares we all own (through the Treasury). ...