Wednesday, January 21, 2009

Citigroup On The Brink Issues Dividend?

Call me old fashioned, but why the heck is Citigroup issuing a dividend? They just scooped American tax payers for billions of dollars. Their business model stinks, and they are failing. What is their major malfunction, as my father would put it? I guess the major shareholders need one last payment before Citi is split up.

– 6.5% Non-Cumulative Convertible Preferred Stock, Series T, payable February 17, 2009, to holders of record on February 5, 2009. Holders of depositary receipts, each representing one-thousandth of a full convertible preferred share, will be paid $.8125 for each receipt held.

– 8.125% Non-Cumulative Preferred Stock, Series AA, payable February 17, 2009, to holders of record on February 5, 2009. Holders of depositary receipts, each representing one-thousandth of a full preferred share, will be paid $.5078125 for each receipt held.

– 8.50% Non-Cumulative Preferred Stock, Series F, payable March 16, 2009, to holders of record on March 5, 2009. Holders of depositary receipts, each representing one-thousandth of a full preferred share, will be paid $.53125 for each receipt held.

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