Doublespeak — We’re Not Going To Nationalizeby Brad Warbiany
What would they call this, then?
A new Citigroup deal has finally been announced by the Treasury. The government will convert $25 billion in preferred shares to common shares. The move could give the Treasury close to a 36% stake in the company. The government’s influence is becoming apparent. Citi will eliminate its dividend and is facing pressure to participate in a new foreclosure prevention programme.