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BOSTON (MarketWatch) -- Citigroup Inc. shares dropped below a dollar on Thursday for the first time ever amid the latest sell-off in financial shares as investors questioned the future of the embattled banking giant.
shares touched a low of 97 cents in midday trading Thursday. The stock set an all-time high of $57 a share on Dec. 18, 2006.
The U.S. government will exchange up to $25 billion in emergency bailout money it provided Citigroup Inc. for as much as a 36 percent equity stake in the struggling bank, greatly increasing the risks to taxpayers as voter unhappiness about the broader bailout program rises.