— 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:


[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...

(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)

Site Map | Contact Us | About Us | Advertise With Us