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Citigroup Moves Closer to Nationalization
By
Jen Chung
Published Feb 23, 2009
Modified Feb 23, 2009
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By
Jen Chung
Published Feb 23, 2009
Modified Feb 23, 2009
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Citigroup is in talks with U.S. officials for the government to take more of a stake in the troubled financial giant. The Wall Street Journal reports, "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%," according to sources. Also: "Any such move would give federal officials far greater influence over one of the world's largest financial institutions." But some analysts think that the government might need to do more to really stabilize Citi. And while overseas stocks rallied over that bit of news, the U.S. stock markets's bank rally was cut short with news about tech sector weakness. Who knows what will happen this week, as President Obama discusses tax cuts and cutting the deficit.
Tagged
bank nationalization
citigroup
economy
recession
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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