Citigroup is being nationalized by shareholders as we speak. Nationalization is when the shareholders get nothing, the bank it taken over by the Government, cleaned up, broken up, all executive management tossed out and then the bank is privatized once again.
Citigroup fell to $1.03 at 12:32 p.m. on the New York Stock Exchange after reaching 97 cents earlier today, marking an 85 percent decline this year and giving the New York-based company a market value of $5.5 billion. At its peak in late 2006, Citigroup stock was worth $55.70, for a market value of $277.2 billion.
Even more horrific, Citigroup lobbied for their own demise.
In addition, Citigroup pushed for the China trade agreement, influenced or even decided policy through multiple Presidential administrations and crafted additional agenda purely for their short term and short sighted interests. All the way back to the 1990's, when the public outcry reached 89% against the bad China trade agreement, we had this:
Corporate interests joined the White House in engaging in highly questionable tactics. According to news reports, corporate lobbyists and CEOs threatened to cut off campaign cash to lawmakers who opposed PNTR and lavished soft money on the two main parties (and millions on their conventions) to fuel active pro-PNTR leadership. Rep. Merrill Cook (R-Utah) reported being offered $200,000 to change his "no" PNTR vote to "yes." Corporations created fronts to funnel more cash to Congress. For instance, a corporate-funded PAC called the New Democratic Network handed out $250,000 to Democrats supporting the pro-corporate managed trade agenda. Companies such as Motorola, Boeing, AOL and Citigroup actively plied undecided or wavering members by organizing or promising special PNTR fund-raisers for pro-PNTR voters. Even the General Accounting Office concluded that the White House's coordination with corporate interests violated federal law forbidding the use of tax dollars for certain lobbying activities
Look what caving into these corporate lobbyists brings! National Economic Armageddon, even to that very corporation's own destruction.
If there is one major lesson to learn here is that corporate lobbyists are so obsessed with short term agendas they will cut of their nose to spite their face.