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.
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2 comments:
In the "paper-is-cheap" world we live in, it sure is nice to see Walmart buying back so many shares.
In the last 5 years they've taken out 11.7% of their shares. They just put another buyback on for $15 billion, which will take out another 7% (at current prices).
I fear there will be no more walmart shares left for my grandchildren.
I heart WMT too. Bought around 2005 and will hold for life.
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