Daily Archives: February 23, 2009

John Gapper

You cannot be half-pregnant, is the saying. The question with the US government’s likely conversion of some of its $45bn of preferred shares in Citigroup into an equity stake of up to 40 per cent is: can you claim half-paternity?

Somehow, I doubt it. The US administration does not want to nationalise troubled banks such as Citi and Bank of America but this move feels like a compromise that will not satisfy anyone and will probably lead to more intervention. Read more