sanerdudette

When I began my career in banking over 25 years ago, I was hired by Citibank. John Reed had just taken the helm and the 1980’s were a heady period for the powerful bank. It is difficult to fathom the fact that Citi has fallen so far and that an American bank would be headed towards nationalization.

The Treasury Department said it would convert as much as $25 billion of preferred shares into common stock provided private holders agree to the same terms, the government said in a statement today. The conversion would give the U.S. a 36 percent stake in the New York-based company.

Think about it, at $1.25 a share, Citibank stock is selling for less that the bank charges to use its ATM’s. The Mets’ new stadium, named Citi Field, is now derisively referred to as Debit’s Field. This recession is not going to end anytime soon.