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Dow Jones removes GM, Citigroup

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posted on Jun, 1 2009 @ 02:07 PM
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Dow Jones removes GM, Citigroup


money.cnn.com

NEW YORK (CNNMoney.com) -- Two companies that have received billions of dollars in aid from the U.S. government have been kicked out of the Dow Jones industrial average (INDU).
(visit the link for the full news article)




posted on Jun, 1 2009 @ 02:07 PM
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This is certainly, a sign of the times. What was the point of propping up these companies when they continue to descend deeper and deeper into oblivion.

Was all the tax-payer dollars really worth it? The Dow just booted GM and Citigroup; two companies that once were a staple of the American economy.

These are very troubling times indeed and these events continue to escalate. Can't keep throwing money at the problem and hope it will go away.

money.cnn.com
(visit the link for the full news article)



posted on Jun, 1 2009 @ 02:42 PM
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Haha - (sorry I think Citi being booted out is quite funny) - Just goes to show how drastic the situation is, it's a real big indicator of how far they have fallen from where they once were.

Not sure what will happen in the long run.
Would we ever see Citi going bancrupt?
How long can they keep treading water & will it be long enough to see it through to the other side of the current collapse?

Some people talk about signs of a recovery already & others talk about more to come - I don't know enough about the whole situation to know what's what but it'll be interesting to see what happens next...

What a big waste of money - should have let them fail...

[edit on 1/6/2009 by moobaawoof]



posted on Jun, 1 2009 @ 02:42 PM
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GM was removed because it is no longer a public company. it is under the control of a federal judge until its bankruptcy is finished and will remain a privately owned company as long as the government owns part of it.

Citi was removed because they are restructuring and the U.S. Government will hold a large stake in the bank. large enough that it would not be considered a public owned company.

so since they will no longer be publicly traded and owned companies THEY CANNOT BE ON THE DOW!!!! Nothing sinister here its just the rules of the DOW



posted on Jun, 1 2009 @ 02:47 PM
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reply to post by Mercenary2007
 


...oh - i see... like i said - I don't know a lot about what's what.... thanks for the quick 'financial matters' lesson...



...still, I can't help laughing that Citi are out!!



posted on Jun, 1 2009 @ 02:50 PM
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Thanks for clearing some of it up Mercenary 2007
Still, it is a sign of the times; that these companies would allow themselves to fall into the firm hands of the federal government so easily. The government is becoming a predatory lender. More and more I am starting to think that our government is becoming the new mafia.

The candle that was once capitalism is slowly being extinguished by the swift wind of our own government. It is a sad time indeed!



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