What can i get for a $? Citigroup!

[Italkcash Newsfeed]

Its not everyday that you see one of US largest banks be traded as a pennystock. Citigroup Inc. shares dropped below a dollar on Thursday for the first time ever amid the latest sell-off in financial shares as investors questioned the future of the embattled banking giant.
Citi shares touched a low of 97 cents in midday trading Thursday. The stock set an all-time high of $57 a share on Dec. 18, 2006.

Citi has received $45 billion in government aid under the financial rescue plan, as well as loan guarantees. Investors are fearful that the slowing economy and balance sheets stuffed with toxic assets could result in the nationalization of the largest and most troubled banks. Spreads on Citigroup credit default swaps rose Thursday.

Late last month, the U.S. said it will convert more that $25 billion of its Citi preferred shares into common stock, boosting its ownership stake to as much as 36%. Citi also said that it recorded a pre-tax impairment charge of $9.6 billion in the fourth quarter because of deterioration in the financial markets, further widening its 2008 loss. The deal with the government called for three new directors on Citi's board.

Shares of Citi, which is a component of the Dow Jones Industrial Average , are down more than 85% so far this year

The Doc