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KingCast explains why Citibank stock might never rise again and Citigroup is in danger of going under, dragging taxpayers with it.

By Christopher King

Pictured: Citi CEO Vikram Pandit, seated with other fat cats, Citi/Morgan Lewis lawyer Sam Shaulson and one of his contemporaries.

KingCast and Bill Christy share as brothers in Citibank misery as stock plummets!

Remember when Bill Christy was writing in last week about how everything was just hunky-dory at Citibank because they couldn't be corrupt because the U.S. Government was about to make some loot from its stock shares?

Not so fast dude.

Citibank suffers weak response to share offering
Posted: 18 December 2009 0026 hrs

NEW YORK : Citigroup stock took a beating on Wall Street Thursday after weak demand for a share offering that prompted the US government to delay the sale of its stake in the bailed-out banking giant.

Citi shares tumbled 8.12 percent in early trade to 3.17 dollars and have plunged some 20 percent over the past week. The market action came after Citi said late Wednesday its share offering saw prices of 3.15 dollars per share.

This was well below the average price paid by the US government as part of a multibillion-dollar bailout under the Troubled Asset Relief Program (TARP).

That prompted the Treasury to delay its plans to divest an initial five billion dollars.

"The US Treasury announced it would extend its lock-up period on the sale of its 7.7 billion share common equity stake to 90 days from 45 days after the completion of this offering," Citigroup said in a statement.

In the Vikram Pandit cam post I ran it all down with information about the fact that almost every multinational banking scam involves Citibank. I've been listing Enron, Ohio, California, Mexico, Russia and some of the others here and at Citibankisracist blog, and of course we will see that Citibank lied when they are forced to produce the bank video in my racial discrimination case against them, MCAD will be requesting that video in the ordinary course of business even though my Motion to Compel it was denied. That denial actually works in my favor because it gives these liars less grounds for appeal should they get smoked at the Commission stage by a Probable Cause determination.

PS: Bill I received an interesting response from Senator Tarr's Office about the correspondence you sent them. I'll be discussing that matter with Senate Counsel next week. I'm chillin' with Oliver Ruff right now and we are really wondering what your role in the whole Franconia Shooting tragedy was really all about.

Full post as published by Chris King's 1st Amendment Page on December 19, 2009 (boomark / email).