Answer: None of us want to own Citigroup. Or, so he says, at least:
[T]alk of nationalization of Citigroup Inc., and Bank of America Corp., prompted investors to continue to balk, worried that the government would have to take control and wipe out shareholders in the process. Citigroup fell 20 percent, while Bank of America fell 12 percent in afternoon trading but also came off their lowest levels.
“This administration continues to strongly believe that a privately held banking system is the correct way to go, ensuring that they are regulated sufficiently by this government,” White House press secretary Robert Gibbs said when asked about nationalizing the banks.
Yeah, yeah, by the end of this weekend, we’ll “C” about that. The stock made its way back up to 2.20 after hours yesterday though, so a few people must believe him.
SnoDad // Feb 21, 2009 at 3:40 pm
Volcker at Stern – This is the mother of all slowdowns – http://www.capitalismgonewild.com/2009/02/22009-volcker-i-dont-remember-any-time.html
Jason // Feb 21, 2009 at 4:35 pm
Yeah but what’s happened with C and BAC so far is like if I walked into a new car dealership, handed them $30K, and left without a car.
Rightwingsnarkle // Feb 22, 2009 at 12:42 pm
No car, maybe, but how about a cool bumpersticker?
TonyS // Feb 23, 2009 at 12:21 pm
LOL no I think it’s worse than that… this is more like when you tried to leave without a car, a salesman ran up to you on the way out and was like “Umm… listen, man. We’re really strapped for cash right now… could we sell your car? Thanks, we really appreciate it.”
And yet our country continues to whistle while travelling home on foot, $30K and a car poorer.