Citigroup's market cap, the total value of its common stock, is roughly $11.5 billion or so right now.
Citigroup wants the government to pay $45 billion for 40% stake for converting the stock, where a 40% stake of common stock should be worth...$4.5 billion.
So...yeah, that seems to me to be a typo of some sort. Because Citigroup can't honestly expect the government to pay $21.50 a share for a stock trading at $2.15.
Right? Because otherwise, this means either Citigroup has the worst accountants in the history of the universe and should be allowed to die, or Obama's about to pay 10x what the stock is worth and waste, oh, $40.5 billion.
Either option is, how shall I say, completetly f'ckin criminal.
As The Kroog says, just nationalize the banks already.
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