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Who Would Have Predicted This?

March 5, 2009

In a sign of where we are, and how far we have fallen consider this news today.

Citigroup, 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.

One Comment
  1. March 5, 2009 8:25 PM

    It is happening closer to home.

    Journal Communications opened this morning around 60 cents a share, immediately plunged to 45 cents, then recovered to four bits at the close.

    Fetid rag is still overvalued.

    Spending much time under a buck a share puts a stock on the pink sheets. De-listing from NYSE is likely.

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