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Bank of America BOA
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DnApeh
Master |
28-Feb-2009 10:30
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Can't agree with this view leh. I think they converted because ShitiBank suspendedpayment of dividends to preferred shares and commoc stock. Also because the conversion price is US$3.25 and not US$26.35. In this kind of situation, they are playing "lose less count as win", although i am inclined to think "50 steps laugh at 100 steps".
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teeth53
Supreme |
28-Feb-2009 10:24
Yells: "don't learn through life, learn to grow with life " |
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Think like great minded man...great mind from Saudi Arabis's Prince Alwaleed, GIC Tony Tan and greatest of all...from OBAMA and his financial team. Great minded think alike..Citi is now on right footing...
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victorian2
Senior |
28-Feb-2009 10:10
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that"s true...my concern was if it got converted at 24....then GIC is screwed.... trust tony tan to do a better job than empress ho ching | ||||
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jackjames
Elite |
28-Feb-2009 09:47
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I am back into Citigroup after profit taking at $2.75 ... Guess what, while I went to washroom at around 1.45 am , I opened the laptop, and see the citigroup was around $1.55 while my queue was $1.5 at 10.30 pm... so, I just withdrawn and requeue at $1.41, and just 200 shares at $1.35... (I don't know why I queue those price). and I went to bed again...... and now, hey, I am lucky enough to get all 1000 shares at $1.41 at 4.56 am , 4 minutes before market closed, wow.... of course, I do not know Monday will crash further , but I know it will up to $2 easily... GIC is damn lucky to convert to common shares, they are so so lucky, now their price is $3.25 , so lucky !!!!!! The bank won't get nationalized, do not worry, but now , and you will laugh all the way to the banks soon... which bank? of course the one never sleeps, LOL.. 
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HLJHLJ
Veteran |
28-Feb-2009 01:22
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AK is right. Bopian. Small red dot really bopian. Da4 Xu2 Wei2 Zhong4 (big picture more important, note: my hanyu might be wrong). If all US companies, bases etc pulled out, liao...all eat grass liao... Read this about buy or not. The author is skewed more towards kiv. http://blogs.wsj.com/deals/2009/02/27/citi-is-the-governments-plan-enough/?mod=msn_money_ticker |
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AK_Francis
Supreme |
28-Feb-2009 00:11
Yells: "Happy go lucky, cheers." |
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Popian, for nation security, we need US to close to us, as as pseudo deterance. Looking at d buaya around us. Just too bad loh. | ||||
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victorian2
Senior |
27-Feb-2009 23:51
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If the report is true and GIC converted to ordinary shares....OUR RESERVES JUST GOT SCREWED By a couple of BILLIONS. STUPID STUPID STUPID. Our fucking govt succub to US political pressure. GIC could have just waited it out, collect the 7% dividdend and ask for the capital back. really stupid!!!!! |
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HLJHLJ
Veteran |
27-Feb-2009 23:43
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My broker software saved my day!! Couldn't buy because of limit problem. On hindsight, blessing in disguise. Pls let me know what is the best entry price. I'm new in US market. US1 is possible? Maybe good entry pt. News said people are afraid of dilution due to US gov converting its shares. From Yahoo: Investors dumped bank stocks after Citigroup agreed to a deal in which the U.S. government and private investors including the government of Singapore and Saudi Arabian Prince Alwaleed Bin Talal will convert their preferred stock in the struggling bank to common shares. The plan won't require additional money from the U.S. government, which holds an 8 percent stake in Citigroup and would own 36 percent. Citi also booked an accounting charge of about $9.6 billion due to deterioration in the financial markets and lowered forecasts. The company will reshuffle its board and make other changes. Some sort of deal with the government had been expected much of the week but the details of the deal surprised some investors. Citi tumbled 66 cents, or 26.8 percent, to $1.80 as investors worried about how much their holdings in the company would be diluted by the company's moves. Wall Street had been hoping that stabilizing Citigroup will help ease worries about the beaten-down bank stocks and remove some of their questions about the prospects for the industry. http://biz.yahoo.com/ap/090227/wall_street.html
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jackjames
Elite |
27-Feb-2009 21:19
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Heng ar! Sold citibank at $2.75....with 52.7% gain in 4 days.. Now, citibank worth $1.38, walau....... will it break $ 1.00 ?? I am going to buy again !!!!!!
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maxcty
Master |
26-Feb-2009 08:27
Yells: "always a learning day for me in trading" |
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just unload my BOAlast nite @$5.2..manange to recover my loses from last week.. any negative news coming for BOA and citi these few days?? BOA seems moving back to his track last nite... |
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jackjames
Elite |
25-Feb-2009 21:29
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Any chance Citigroup break $3 today ? I see pre-opening is at $2.74... as at 9.30 pm, one hour to go.. | ||||
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iPunter
Supreme |
25-Feb-2009 18:59
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Enjoy 2 minutes of Tibetan Disco for a change of mood...  |
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jm2212
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25-Feb-2009 18:54
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Investing: The impact of nationalisation upon bank shareholders by Simon Wright The current economic malaise has been felt by pretty much everyone but one group who has been hit harder than most is shareholders. Most shareholders have seen a large decline in the paper value of their shares, whether their share exposure is through individual companies or tracker funds. Shareholders have also seen dividends cut or stopped, creating the double whammy of a capital value reduction and a decline in income. Even allowing for the fact that all shareholders have been affected by the recession, there is one group of shareholders that have been particularly affected and that is people who own bank shares. Having worked for a bank for many years, I fall into the category of people who have discovered just how badly a major recession can affect the profitability and market confidence of seemingly very profitable and safe banks. If we wound the clock back to the beginning of 2007, very few people would have predicted that major banks, on both sides of the Atlantic, would have gone bust or have faced the embarrassment of having to go cap in hand to shareholders to raise extra capital through Rights Issues. That is exactly what has happened, in some cases, and it hasn't stopped there. With countless billions written off the balance sheet, due to toxic debt, even the injection of Rights Issue capital hasn't been enough in some cases. This has left governments in an extremely awkward position. Do they let major banking institutions go to the wall or do they step in and prop up the banks, at considerable cost to the taxpayer? In most cases, so far, they have decided to bite the bullet (and the political brickbats) and have stepped in to part-nationalise the high street banks. A couple of examples, in the UK , have been Lloyds Banking Group and Royal Bank of Scotland . Lloyds TSB were asked to step in to rescue another stricken Scottish bank, HBOS, but have subsequently floundered with their capital ratios worrying low. As a result, the government now owns part of Lloyds TSB. Additionally, they've had to take a 70%+ stake in another historic bank, Royal Bank of Scotland . The biggest fear for shareholders of these institutions is that it could end up in a full nationalization. In that case, the banks would cease to trade on the stockmarket. They would be wholly owned by the government and shareholders would find that their shares would be worthless. Of course, this is the last thing that the government wants to happen as it would be extremely unpopular. So far, the government has been at pains to stress that they don't expect full nationalization to occur and they are working with the banks to get through this difficult time. However, even part nationalization is bad news for shareholders. When the government takes a stake in a company, it means that more shares have to be issued and this dilutes the shareholding of all existing shareholders. If we take a simple example, let's assume that there were only 100 shares in existence and you owned 10 of them. You would have a tenth ownership of the company. However, if 100 new shares are created to give the government 50% ownership, then you now have 10 out of 200 shares. Instead of owning a tenth of the company, you now just own a twentieth. This extra issuance of shares tends to have the effect of reducing the share price and also means that, if the company can afford to pay out a dividend, it will have to share the dividend out between more shareholders. In reality, there is little chance of any dividend payments until such time as the banks can buy out the government's share and this will require a return to profitable trading and is likely to take several years. That assumes, as well, that the trading conditions become more favourable and that we don't have any further severe downturns. Many shareholders of banks have seen the value of their shares drop substantially and the withdrawal of dividend payments. It will be a long haul before we see our shares yielding the kind of returns that we became used to during the good years. However, on a positive note, in the same way as banks and retailers are often the first to suffer during a recession, they are also often amongst the first to recover when the green shoots of recovery appear. Let's hope that doesn't take too long to come to fruition. |
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iPunter
Supreme |
25-Feb-2009 18:35
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This is how the world works... |
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singaporegal
Supreme |
25-Feb-2009 18:28
Yells: "Female TA nut" |
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I find it very distasteful that these large banks are trying to find loopholes to gain most from the bailout. They are still thinking of themselves while at the same time holding out both palms to ask for money. | ||||
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jackjames
Elite |
25-Feb-2009 06:37
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now you know how the US market work?
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freeme
Elite |
24-Feb-2009 12:52
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haha us mkt also same ma.. currently my open position is onli F&N with 5lots @ 2.37
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maxcty
Master |
24-Feb-2009 12:27
Yells: "always a learning day for me in trading" |
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ok..noted too..ya..really need to take a break to wait for my wound to recover.... sg mkt I dun know how to play now..all techinical tools does not seems to help. to me seems like gamble sia..haha.. loading Keppeland?
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freeme
Elite |
24-Feb-2009 12:14
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ya will take a break b4 returning to action.
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freeme
Elite |
24-Feb-2009 12:06
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As i mention on ur other thread. Both ways, citi wont do well even gov step in. Since they price nw damn low, gov convert to normal shares also will seriously dilute current stakeholder's holdings. Even can rally, also limited.. unless they can stop losing money. current will nt go in liao. play sg mkt
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