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March 11, 2010
Barack Obama: Smart Capitalist Investor
A reader, Joe Spencer, reminded me:
Way way back on Feb 27 2009, the U.S. government waded deeper into the bailout of one of the nation's largest banks Friday when it announced a deal that will give it control over as much as 36% of Citigroup's common stock.Citigroup shares plunged about a third in midday trading on the news.
So Obama bought 36% of Citi for $3.25, the wingnuts went crazy, it was a communistic socialism fascist takeover of the banks etc etc ...
Today Citi closed at $4.22.
Thank you, Mr. President.
Jim Cramer can suck it. President Obama should be hosting a show on CNBC.
Filed under: Bailouts || Economy || President Obama || Stock Market
Posted By Bob Cesca | March 11, 2010 7:16 PM
Comments
I, and most of my clients bought Citigroup at just under $1.50 a bit over a year ago, and in mid-August, we sold it for $4.70.
Glad to see we sold it at the right time. We named our sell price, and stuck to it.
That's FREE advice for all of you buy-and-hold investors. You only make money when you sell.
Posted by: Political Party Pooper ![[TypeKey Profile Page]](http://www.bobcesca.com/nav-commenters.gif)
at March 11, 2010 7:50 PM
Nice one, Bob.
Great advice, PPP.
Posted by: MrBrink at March 11, 2010 10:21 PM
Yeah Bob, I constantly have to explain to family members what TARP really amounted to.
I have to explain to them every single time that the government bought the stocks at a loss, but it became part owner of the company and when the stocks rebound and go up it will actually make money for the taxpayers beyond just recouping the losses.
And these are democractic family members I have to explain this to, since seemingly no one else cares to explain this.
Posted by: J M Ashby at March 11, 2010 11:17 PM
