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Citigroup Inc. Message Board

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  • septcalls06 septcalls06 Feb 3, 2010 10:23 AM Flag

    My thoughts on USG shares and R/S

    The only issue I have with the logic behind the article is that the government wouldn't allow Citi to buy their shares as Citi wanted to and forced Citi's hand in issuing additional shares to raise the money for the TARP repayment.

    If the lockdown was to allow Citi to buyback the gov't shares, why would they not just allow Citi to buyback the shares at the time? For appearances to the public that they were forcing Citi to be a stronger company with more cash on hand?

    ~septcalls

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    • Bingo!

      Warren Buffet said almost exactly the same thing in a recent interview about Wells Fargo and his holdings. Warren seem very pissed at the USG for their actions. Said it cost him a lot of $$.

    • Since then they sold 10b more in assets, and maybe they will get 1 bil for the trading unit with 10b in assets.

      When C did conversion, not only did they convert Govt to common, but just about all prefered's. Savings about 2 bil a year. Now they are rolling over 30bil less in debt, most likely a savings of another 2 bil.

      At some point, C will raise a gazillion dollars by issuing preferred stock again.

 
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