Reply #5: Guess what - We the people own most of Citigroup so we the people will suffer from this!

[1776Forever]

Citigroup's Clever Plan to Shaft Taxpayers Again
Posted Feb 23, 2009 11:29am by Henry Blodget in Investing, Recession, Banking

http://finance.yahoo.com/tech-ticker/article/191028/Citigroup%27s-Clever-Plan-to-Screw-Taxpayers-Again?tickers=c,xlf,^dji,^gspc

From The Business Insider, Feb. 23, 2009:

So Citigroup (C) has proposed that the US taxpayer and other preferred shareholders convert up to $75 billion of preferred stock into common stock, thus bolstering the company's tangible equity and putting it in less desperate need of a complete takeover.

And what will the US taxpayer get for this preferred stock conversion? 40% of the company for some of its $45 billion of preferred, say reports. The reports add that Citigroup's goal here is to keep the US's ownership under 50%, so this won't be a de facto nationalization.

Well, that's nice for Citigroup...and another ream-job for taxpayers.