clipped from: www.chartingstocks.net   
Citigroup Stock Costs Less Than Their ATM Fee
Friday, February 27, 2009
Citi Shares Drop Below Their $1.50 ATM Fee

Last week, we warned that Citigroup and Bank of America would most likely be taken over by the US government within 60 days. Our prediction proved to be optimistic by 58 days, in Citi’s case.

Today, the deal was finalized and the US government will convert it’s preferred shares into common.
Citigroup also announced a $10 billion 4th quarter loss
The market reacted to the news by reducing the value of Citigroup shares by 40% as shares slid to a new all time low of $1.50.  The selling continued into after hours and  traded down to $1.41.

The shareholders have essentially been wiped out. Shares of Fannie Mae and Freddie Mac, AFTER being nationalized,  have traded higher than Citigroup is now. Citigroup has been nationalized. The government is now the largest shareholder. I expect even the mainstream media will eventually start calling this what it truly is - A public takeover.

c_bac