Banking, finance, and taxes
Sort Of Nationalizing Citigroup (C)
Published:
Last Updated:
The Wall Street Journal says that the federal government is in talks to put more capital into Citigroup (C) and may end up owning 40% of the big banks.
According tothe paper, “While the discussions could fall apart, the government could wind up holding as much as 40% of Citigroup’s common stock. Bank executives hope the stake will be closer to 25%.”
The news may indicate what the future relationships of large banks and the government will look like. Instead of nationalizing the firms, the Treasury, Fed, or FDIC will take the lead in having de facto control of institutions like Citigroup and Bank of America (BAC). Common shareholders will still have stakes, but the roles of the boards that they elect will end up being largely ceremonial.
Douglas A. McIntyre
In 20 Years, I Haven’t Seen A Cash Back Card This Good
Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. Our top pick today has pays up to 5% cash back, a $200 bonus on top, and $0 annual fee. Click here to apply before they stop offering rewards this generous.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.