Hooray for Capitalism! Citi is about to join such illustrious government institutions as the DMV and the Postal Service!
The feds are said to be in talks with Citigroup (C) about possibly owning up to a 40% stake in the Courtney Love of Money Center Banks at this late hour. All this while the world is watching the Gay Superbowl (aka The Oscars) on Sunday night.
How any officials could be worried about Citigroup while so much is on the line for Mickey Rourke and Slumdog is beyond me!
According to the Wall Street Journal:
Such a move by Citigroup would result in the New York-based bank ceding far more control to the feds than executives likely desire, and would dilute shareholders’ investments. The Journal, which said Citigroup made the proposal to its regulators, noted that sources say executives would prefer to keep the government’s stake closer to 25 percent.
Paging Kenny Lewis to the on deck circle, please!
Full Disclosure: No positions mentioned