Yesterday, Citigroup issued 6.5 billion new shares. That brings the total shares outstanding to around 29.4 billion.
Citigroup's total shares outstanding at the end of last year? 5.45 billion. That's right: Citigroup printed more shares yesterday alone than there were in the entire company at the end of last year. And every share you held last year now represents less than 1/5 as much ownership now as it did then.
Zimbabwe Ben could take a lesson. He's only tripled the Fed's balance sheet.
Meanwhile, Timmy the Tax Cheat canceled plans to sell the government stake in Citigroup because he didn't want to face headlines about losing money for the taxpayers, even with fraudulent numbers that omit the $38 billion gift given to Citi by Treasury/IRS without the authorization of Congress.
So like a loser down more than he can afford to lose at the blackjack tables, Timmy is going to let it ride and hope his luck changes instead of cutting his losses and walking away. Only it's not his money; it's ours.
Body Count goes to Vegas! Ernest Scherer III was a Vegas loser who fancied himself a professional poker player. Doesn't that photo t...
UPDATE: Edited to remove the guy's name. I hope nobody harasses him or his employer. He was good-natured and his sign was innocuous a...
WSJ : Calpers’ stock portfolio returned minus 13.1%, while bonds returned minus 14.5%, the pension fund said. Those losses delivered a doub...