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C "Citi" will be nationalized
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[QUOTE]Originally posted by wallstplaya: [QB] I though this PR was brilliant!! 12:26 PM ET 3/5/09 | Marketwatch RELATED QUOTES 12:47 PM ET 3/5/09 Symbol Last % Chg C 1.03 -8.85% BAC 3.27 -8.91% NYX 15.29 -6.54% Quotes delayed at least 15 minutes NEW YORK (MarketWatch) -- The government may be concocting a stress test for the U.S. banking system, but Citigroup Inc. and Bank of America Corp. already are flunking the one the market is giving them. Shares of Citigroup (C) fell to an all-time low of 98 cents a share in late-morning trading Thursday. Bank of America (BAC) shares fell 11% to $3.20. The good news for Charlotte, N.C.-based B. of A. is that it's still higher than its 52-week low of $2.53. For Citigroup, the danger is more about continuing humiliations. The forces driving down Citi have been well known for days. As David Trone, Fox-Pitt Kelton's banking analyst put it, the government's recent bailout will result in "maximum dilution." Investors have been exiting the stock in a quick but orderly fashion. Now, the financial-services conglomerate, which was once the most valuable and profitable on Earth, is facing a potential delisting by the New York Stock Exchange. NYSE Euronext Inc. (NYX) officials did not immediately return calls seeking comment. Citigroup is also now the nation's most famous penny stock. Bank of America continues to fight investors' lack of confidence in its balance sheet and in its leadership. The CTW Investment Group, a lobbyist for union pension funds, on Thursday called on the bank's CEO, Ken Lewis, to resign. "Removing Mr. Lewis is now a necessary prerequisite to restoring BAC's credibility with shareholders, regulators and the public," CTW said in a statement. "If the board refuses to remove Mr. Lewis, CTW will call on shareholders at Bank of America's annual meeting in April to vote against the re-election of Mr. Lewis." U.S. banks are now an afterthought for many investors seeking short-term gains. The two names at the top of the list are scraping the bottom when it comes to value. --David Weidner [/QB][/QUOTE]
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