A full-blown case of stock market shock’n’awe.
All sorts of funny things around C today, but here’s a little calculation I did. With the US gov’t’s deal to take up 36% of stock at $3.25, today’s close effectively means Tim Geithner has today thrown around $15Bn of taxpayer (i.e. your) money down the ravenous and bottomless pit of no return.
Now here’s the funny bit (as long as you find this stuff amusing..it isn’t on several levels): That works out at about 33 shares of Citigroup per US citizen! ($15Bn by 300m population X $1.50 closing price). The whole show is capped off by the fact that you’d need 10 billion shares in order to give 33 to every US citizen, and Citigroup only has 5.45Bn shares out.
That’s all for just 36% of Citigroup, remember. Ladies and gentlemen, a warm round of applause for your government.