— Days Without Shea —

Filed under: CitiField | Mets | Shea
by Kingman on November 28 at 5:17PM

In case you missed it, Citigroup said late Monday it would sell a 4.9% stake of itself to the Abu Dhabi government.

The cost: $7.5 billion.

The deal was necessary to help the world's largest bank avoid a dividend cut or breakup thanks to a declining capital base and continuing questions about its exposure to the troubled U.S. mortgage sector.

Citigroup has already written down $6.8 billion because of the subprime mortgage crisis. This month, the world’s largest bank announced it may have to write down $11 billion more. We’re almost talking A-Rod money here.

If Citigroup can’t pay its own mortgage debts, we may soon see this piece of real estate in Flushing:

AbuDhabiField-front



[November 29, 2007 4:21 AM]  |  link  |  reply
Bobster said

There's already a precedent...remember Enron Field in Houston?

[September 24, 2008 6:22 AM]  |  link  |  reply
Oyunlar said

great place...


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