These guys are not the first, nor will they be the last:
Citigroup Inc. posted a huge fourth-quarter net loss on $17.4 billion in subprime-related writedowns, announced plans to sell another $14.5 billion in preferred stock and will cut its dividend 41%. The company also said it would sell noncore assets
(Source: ABA Newsletter)
It is rumored that the Chinese refused to purchase Citigroup stock--thus, the $14Bn preferred offering will go forward.
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