Wednesday, May 6, 2009

Obama to Grab Citigroup, Also

Lost in all the hoopla over the fact that Bank of America will be required to raise $34 billion is the fact that the only reason that Citigroup is not in the same fix is that it has apparently already capitulated to Obama control.

Buried in a Bloomberg report is this gem:

Citigroup Inc.’s shortfall is more limited because the company already plans to convert government preferred shares to common stock, people familiar with the results said.

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