{"id":192735,"date":"2009-02-27T18:20:00","date_gmt":"2009-02-27T23:20:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/02\/27\/bailouts-for-citi-and-other-banks\/"},"modified":"2009-02-27T18:20:00","modified_gmt":"2009-02-27T23:20:00","slug":"bailouts-for-citi-and-other-banks","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/02\/27\/bailouts-for-citi-and-other-banks\/","title":{"rendered":"Bailouts for Citi and Other Banks"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/img6.imageshack.us\/img6\/4479\/c8322737.png\" style=\"margin: 0px 10px 10px 0px; float: right; cursor: pointer;\" width=\"375\" \/><br \/><img decoding=\"async\" src=\"http:\/\/img6.imageshack.us\/img6\/5742\/w8403591.png\" style=\"margin: 0px 10px 10px 0px; float: right; cursor: pointer;\" width=\"375\" \/>Let&#8217;s start with the numbers:  City is currently trading at less than $1.50 a share, but the US <a href=\"http:\/\/www.nytimes.com\/2009\/02\/28\/business\/28deal.html?partner=rss&amp;emc=rss&amp;pagewanted=all\">government is converting its preferred shares to common stock at a price of $3.25\/share<\/a>, that&#8217;s around $12\u00bd billion of taxpayer dollars down the hole.<\/p>\n<p>Between the US Government, and various sovereign wealth funds, it means that existing shareholders have gone from 100% of the bank to 26% of the bank&#8230;.Let&#8217;s be clear about it, <span style=\"font-weight: bold;\">they are insolvent<\/span>, that&#8217;s the only reason that the management and the shareholders aren&#8217;t screaming bloody murder right now.<\/p>\n<p>This is insane.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Let&#8217;s start with the numbers: City is currently trading at less than $1.50 a share, but the US government is converting its preferred shares to common stock at a price of $3.25\/share, that&#8217;s around $12\u00bd billion of taxpayer dollars down the hole. Between the US Government, and various sovereign wealth funds, it means that existing &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1004,985,982],"tags":[],"class_list":["post-192735","post","type-post","status-publish","format-standard","hentry","category-finance","category-regulation","category-stupid"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/192735"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=192735"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/192735\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=192735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=192735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=192735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}