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justme
2009 Feb 22, 11:33am
http://www.ft.com/cms/s/0/806418a0-0140-11de-8f6e-000077b07658.html
Citi is trying to force the US taxpayers to convert the taxpayers ownership of preferred shares (purchased under TARP-1 in Oct/Nov) into common shares.
The motivation is obvious:
1. Citi does not want to pay back the preferred shareholders (THAT's YOU!!) the principal, nor the interest.
2. Citi wants to convert the preferred into essentially worthless common stock
3. Citi is going to ask for another capital injection in the form of selling preferred stock to the public (US taxpayers), but not until the previous batch of has been made worthless.
JUST SAY NO !! Under TARP-1, Paulson overpaid tremendously for the preferred stock, thereby shifting the losses to the taxpayers.
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So home prices are down, gold price is up, and Europe is facing economic collapse...
What should we do? What are the best investments? What stocks/currencies/bonds/commodities should we short?
We must think for ourselves because nobody else will care.