Scary market today as banks and insurance companies continue to crash. Nationalization of the banks? Do you believe it?-Lou
BofA, Citi shares fall on nationalization fears
NEW YORK (Reuters) – Bank of America Corp and Citigroup Inc shares plummeted for a sixth straight day on Friday, hammered by fears that the U.S. government could nationalize the banks, wiping out shareholders.
Bank of America shares were down 19 percent to $3.20 in early trading, their lowest level since 1984, while Citigroup shares fell 20 percent to $2, their lowest price since the early 1990s.
Both stocks have lost more than 90 percent of their value in the last year.
"It's a clear sign that the markets are expecting a high probability of them being nationalized," said Mike Holland, founder of Holland & Co. "The clear expectation is that shareholders would effectively be wiped out."
Read Article Here:
http://news.yahoo.com/s/nm/20090220/ts_nm/us_banks_shares_5
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