The executives at Citibank want to avoid the wall street pay czar so badly, they’re fire selling company assets to raise enough money to pay back the TARP funds:
Citigroup also is ending an agreement with the government that guaranteed a roughly $250 billion portfolio of assets against excessive losses.
The bank sold $17 billion of common shares and another $3.5 billion of bonds that automatically convert into shares in three years.
The bank sold convertible notes that pay a coupon of 7.5 percent a year, and automatically convert to shares at a 25 percent premium to the pricing level in three years.
The bank said on Monday it also plans to issue $1.7 billion of shares to employees, and may sell another $3 billion of trust preferred securities in the first quarter.
Bank of America and Wells Fargo have done the same thing, but they found buyers and Citi didn’t. These banks will crash again, they aren’t doing better, they’ve found even lower ways to be greedy. When they crash again, let them go under.
