When Will Citigroup (NYSE:C) Be Able to Remove Government Shackles?
It’s probably worse to have attempted the paying back of TARP funds and to have failed, than to not have tried at all, which is increasingly looking what Citigroup (NYSE:C) should have done. Trying to ride the skirts of Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC), it seems that Citigroup CEO Vikram Pandit prematurely made his move in an effort to make the financial condition of Citigroup on the same level as Bank of America and Wells Fargo, which obviously failed miserably. Not only does it keep the shackles of the government around the company, but it also very publicly announced the ongoing weakness of Citigroup, and that it’s far from financially healthy and able to pay back the TARP funds without significantly devaluing the stock, which wasn’t even able to respond to the Treasury selling them to break even. Although Citigroup sold $17 billion of its shares at $3.15 each to raise capital to help pay off TARP funds, the Treasury was unwilling to do that, as they paid $3.25
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