naked capitalism: Citi Endgame Nigh?
Now this gets interesting. Team Obama tried to (basically) preemptively deny the Citi special pleading. The “neither bank asked for increased government assistance”: is misleading. Citi’s request for conversion of preferred to common IS a plea for help; it lowers the cash drain and puts the taxpayer pari passu with common shareholders, rather than in a slightly favored position.
This week is going to be interesting seeing who wins out within Obama’s team(s).
