Wat happen if they put it to sleep.

Feb 11, 2009. Mr Pandit. CEO of citigroup...It has started top down by voluntary been pay oni a dollar a year in salary and no bonus till we return to profitablity...His goal to return to profitablity ASAP as he told his board of directors.

He is expected to keep his job and answer-able to new board of directors, including independent majority of directors. 

dcang84      ( Date: 28-Feb-2009 20:44) Posted: The problem is citi cannot afford to pay the 7% dividend to holders of its preference shares and that includes GIC. Moreover they have to meet the stress test requirements set by Geitner and company. I do agree that conversion to common stock cannot be a good thing as the risk has just gone up by afew notches but I suppose its the lesser of the two evils. Whatever it is, GIC look look like d**bf**ks. Immediately after conversion we are over a billion dollars poorer. elfinchilde      ( Date: 28-Feb-2009 13:29) Posted: http://elfinchilde.blogspot.com/2009/02/there-are-fools-and-then-there-are.html I do not, personally, in any way, see how the conversion into common stock is a good thing. It'd have been infinitely preferable to me for GIC to write off the entire investment as a bad one, and start doing REAL investing. Into our s'pore companies. Instead of being taken for a sucker ride by the Americans, as with Merrill/Temasek in the past.

Lehman cause so much pain and trouble when it went down.....they are not going to let another titan go...Bankrupt...No,  Nationalise.....Sure...

It is bad if pple call you a SUCKER.......to be called a SUCKER AGAIN is worse.....

And did they employ Mr Goodyear because he is call Goodyear ???......what if he is called Mr Badyear or Deadfish or something like that ???

Did Mr Goodyear OK the deal ?? Any volunteer to write to ST Forum ?? Wonder if that guy who lock up our National Library will fire up the savo.....according to my friend who dig up the internet universe....he is some kind of investment guru and rather or very rich leh.......

cantongacs      ( Date: 28-Feb-2009 21:10) Posted: The ang mo is too smart, cast big net to empty all preference share holders before nationalise it? dcang84      ( Date: 28-Feb-2009 20:44) Posted: The problem is citi cannot afford to pay the 7% dividend to holders of its preference shares and that includes GIC. Moreover they have to meet the stress test requirements set by Geitner and company. I do agree that conversion to common stock cannot be a good thing as the risk has just gone up by afew notches but I suppose its the lesser of the two evils. Whatever it is, GIC look look like d**bf**ks. Immediately after conversion we are over a billion dollars poorer.

don't miss the boat, fire my first round of bullets at $1.41..

so, that's 130% gain while you reach GIC purchased price, cool eh? drop more? buy  more... next target $1.

http://sg.news.yahoo.com/afp/20090227/tts-us-politics-economy-obama-budget-972e412.html  (teeth53 thot: can see his hair is balck for now...)

 WASHINGTON (AFP) President Barack Obama Thursday rolled out an audacious 3.55-trillion-dollar budget bristling with economic reforms & spending on healthcare, climate change and warned that "hard choices" loomed as the deficit piles up.

The plan includes more than 600 billion dollars over 10 years for a "down payment" on healthcare reform and a similar annual sum for defense, and encompasses Obama's drive to end the worst economic crisis since the 1930s.

"This budget is an honest accounting of where we are and where we intend to go," Obama said at the White House, in an implied swipe at the financial disclosure methods of the administration of his predecessor, George W. Bush.

"There are some hard choices that lie ahead," the president said, formally unveiling a budget which assumes major cost savings from a planned drawdown of the US garrison in Iraq, which currently costs 170 billion dollars a year.

"We need to be honest with ourselves about what costs are being racked up, because that's how we'll come to grips with the hard choices that lie ahead," Obama said.

For GIC to convert its preferred shares at lower pricing, at US$3.25 per share than its original invested price of last Jan ,  or at US$26.35ct as for last year 2008. (Averaging down it losses from 80% to 24% or US$1.67 billion) that is based on last Thursday's closing price of US$2.49 cents.

GIC will however lost it 7% dividend from it preferred shares or US$482 miilion a year.
(GIC is not be putting in more $$$ this round)

As for us...We got nothings. It's well known our retiring eventually will rise, thus enable maturing baby booming age (1946- 1965) still got plenty of spending power..Taxes will come immediately after all when market is going strong, while maintaining a balance between those very rch and those very poor...How Obama is more or less is focus on middle class... 

Obama's middle class budget for socio-ecnomic experiment is worth watching by Asia... Stating net worth of the top 1% of US households was already bigger than that of the bottom 90%.