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...Does this rescue mean Citi's stock is a buy? With the government injecting a total of $27 billion into Citi and getting warrants to buy more shares, existing shareholders will be diluted - in other words, every shareholder now owns a smaller slice of the business. On the upside, the government's involvement has already sent the stock on a mini tear, to $5.95 at Friday's close, up from last week's low of $3.77 (about the cost of an ATM fee at one of Citi's branches, as one commentator pointed out). (See 10 things to do with...
...passing through the company and into other hands, the deal prohibits Citi from paying dividends of more than a penny per share for three years without approval from Treasury, the FDIC and the Federal Reserve. If Citi goes out and raises more money on its own through a common stock offering, there's a greater chance the government will allow for a larger dividend to be paid. That would be nice for shareholders. And right about now they could use a little nice...
...credit rating of Dillard's to B+ from BB-, citing the "deepening spending pull-back by consumers." Adding to the drama, hedge-fund investors Barington Capital Group LP and Clinton Group Inc. called for William Dillard II, the chain's CEO, to step down amid declining revenue and a stock price that has lost more than 70% of its value. The good news: "They aren't leveraged like other stores are," says Beemer. "But if you look at mall-based apparel stores, any of them could be in trouble except for Victoria's Secret, which has a good customer base...
...There is no doubt that government intervention is an absolute necessity when markets go horribly awry. After Japan's stock-and-real-estate bubble burst in the early 1990s, the economy staggered along for half a decade until the government finally stepped in to restructure the financial sector. During the Asian financial crisis of 1997-98, state action was crucial to rebuilding moribund banks and companies...
Summers will not have to quit his teaching post at Harvard when he leaves for Washington, according to James H. Stock, the chair of Harvard’s economics department...