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March 5 (Bloomberg) -- Citigroup Inc., once the world’s biggest bank by market value, dropped below $1 in New York trading for the first time as investors lose confidence the shares can recover after more than $37.5 billion in losses and a government rescue.
Citigroup fell to $1.03 at 12:32 p.m. on the New York Stock Exchange after reaching 97 cents earlier today, marking an 85 percent decline this year and giving the New York-based company a market value of $5.5 billion. At its peak in late 2006, Citigroup stock was worth $55.70, for a market value of $277.2 billion.
Originally posted by Rockpuck
You see, someone once told me the Government where Narcissist, they are keeping these institutions alive for no apparent reason.. their business plans have failed, they are left with the skeletons of what they once where.. any sane investor has already fled for the hills.. Only the Government is ignorant enough to invest in companies like Citi..
Stocks tumbled 4 percent Thursday as investors were rattled by doubts about the survival of General Motors and Citigroup broke below $1.