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Strategies & Market Trends : The coming US dollar crisis
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To: ggersh who wrote (21587)7/28/2009 4:16:48 PM
From: RockyBalboa  Read Replies (1) of 71423
 
OT: Citi - shares are delivered on Thursday:

>>>>>>>>>>

The exchange offer, announced in February, has made the government Citi's largest stakeholder, holding roughly 34% of the company's shares. Citi's total shares outstanding were expected to jump to as much as 23 billion from the completion exchange vs. 5.5 billion at June 30.

Citi's stock, which has hovered around $3 a share for most of this year, has been hampered by the arbitrage trade for much of this year where institutional investors and hedge funds have taken long positions on Citi's preferred stock, while shorting the common stock. Some observers said that the stock would rise once the conversion was complete as the shorts were forced to unwind their positions.

But Citi shares closed down on Monday, despite the completion of the exchange offer.
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