阅读补充材料Word文档格式.docx
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阅读补充材料Word文档格式.docx
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CitigroupCenterisseeninNewYork,Monday,Feb.23,2009.CitigroupInc.hasapproachedbankingregulators
…
WASHINGTON–TheU.S.governmentwillexchangeupto$25billioninemergencybailoutmoneyitprovidedCitigroupInc.forasmuchasa36percentequitystakeinthestrugglingbank,greatlyincreasingtheriskstotaxpayersasvoterunhappinessaboutthebroaderbailoutprogramrises.
ThedealannouncedFridaybythecompanyandtheTreasuryDepartmentrepresentsthethirdrescueattemptforCitigroupinthepastfivemonths.It'
scontingentonprivateinvestorsagreeingtoasimilarswap.
TheadministrationdecidedtorestructurethebailoutpackageforCitigroupagaininthehopesthatconverting$25billionofpreferredsharesintocommonstockwouldgiveinvestorsmoreconfidencethebankhassufficientcapitalreservestowithstandmountinglossesonitsholdingsofmortgagesandotherloans.Whiletheconversiontocommonstockwilldilutecurrentshareholders'
investments,awiderequitybasecouldcalminvestorssincetherewouldbemorereservesinplacetoguardagainstfurtherlossesastheeconomysours.
Besidesastrongercapitalbase,thecompanyisgettingacriticalboosttoitscashflowasitforgoesits4centannualdividendonitscommonshares.ThatisgivingCitianadditional$2.18billionayear.
Butthedealdoesn'
taffectoneofCiti'
sgreatestproblems,thebillionsofdollarsinfailedmortgage-backedsecuritiesthatstillsitonitsbooks.Asthoseinvestmentshavefalleninvalue,theyhaveexacerbatedCiti'
slosses.
TheplancomesonedayaftertheObamaadministrationlaidthegroundworkinitsfirstbudgetrequestforgreatlyincreasingthesizeofthe$700billionbailoutprogramthatCongresspassedinOctober.Administrationofficialssaidnodecisionshadbeenmadeyetbutsuggestedthesizeoftheeffortcouldbeexpandedbyasmuchasanother$750billion.
Theswapof$25billionofpreferredsharesintocommonstockwillexposethegovernmenttothesamerisksfacingotherholdersofthebank'
scommonstock.SharesofCitigroupandmanyotherfinancialcompanieshaveplungedasthesectorundergoesitsworstcrisisinsevendecades.
Buttheadministrationismindfulaboutgrowingunhappinessamongvotersandlawmakersinthehugesumsthathavebeenprovidedtothenation'
sbanks,moneythatsofarseemstohavedonelittletostabilizethesituation.
InhisfirstaddresstoajointsessionofCongressonTuesday,PresidentBarackObamastressedthatthegovernmenteffortwasnotaimedatbailingoutbankexecutiveswhohadmadebadloans,butinsteadingettingcreditflowingagaintoconsumersandbusinesses.
"
Iknowhowunpopularitistobeseenashelpingbanksrightnow,especiallywheneveryoneissufferinginpartfromtheirbaddecisions,"
Obamasaid."
Ipromiseyou—Igetit."
Theaimofthegovernment'
srescueeffortistokeeptheNewYorkbankholdingcompanyaliveandbolsteritscapitalasitfacesgrowinglossesamidtheintensifyingglobalrecession.ExistingCitishareholderswouldseetheirownershipstakeshrinktoaslittleas26percent.
Investorsappeareddisappointedinthedealandexpecteddilutionoftheirstake,sendingsharesplummeting91cents,or37percent,toanew52-weeklowof$1.55inafternoontrading.StockstumbledearlybutpulledofftheirlowsastheDowJonesindustrialaveragecamewithin34pointsofbreachingthe7,000markforthefirsttimeinmorethan11years.
Underscoringitsprecariousnature,thecompanyalsodisclosedthatitrecordedagoodwillimpairmentchargeofabout$9.6billionduetodeteriorationinthefinancialmarkets.
TheTreasuryDepartmentsaidthetransactionrequiresnonewfederalfunds.ButitleftthedooropenforCitigrouptoseekadditionalgovernmentfundingorfortheconversiontocommonsharesoftheremaining$20billioninfederalbailoutmoneyitreceivedlatelastyear.Thegovernmentcurrentlyholdsaboutan8percentstakeinCiti.
Fornow,that$20billioningovernmentfundingwillbeconvertedintoanewclassofpreferredsharesthatwillbeseniortootherbankdebtanditwillcontinuetopayayearly8percentcashdividend.Aspartofthedeal,thepayoutforallotherpreferredshareswillbesuspended.
Citiwilloffertoexchangeupto$27.5billionofitsexistingpreferredstockheldbyprivateinvestorsataconversionpriceof$3.25pershare.That'
sa32percentpremiumoverThursday'
sclosingpriceof$2.46.
TheGovernmentofSingaporeInvestmentCorp.,SaudiArabianPrinceAlwaleedBinTalal,CapitalResearchGlobalInvestorsandCapitalWorldInvestorsareamongtheprivateinvestorsthatsaidtheywouldparticipateintheexchange.
TheconversionwillhelpprovideCitithemixofcapitaltowithstandfurtherweakeningintheeconomy.Thestock-conversionoptionwaslaidou
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