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Who Is Selling Citi?
Dow Jones is reporting that the talk of nationalizing Citi has panicked Citi’s employees in Asia, triggering massive selling by employees who hold stock they received as part of their compensation.
From Dow Jones:
Many bankers in the US believe nationalization of banks in general and Citi in particular is not on the agenda, but staffers in Asia, far away from the twists and turns of the national debate over how to secure the US banking system, are selling in great numbers because they fear the value of the equity they received as part of their retention and compensation would evaporate if the government were to decide to take over Citi, sources inside the company say.
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John Carney is Managing Editor of Clusterstock. John served as editor in chief of DealBreaker.com, a Wall Street online tabloid. He has contributed to New York magazine, The New York Sun, The New York Times, Time Out New York, The Wall Street Journal and other publications. He has been a frequent guest on CNBC. From 2000-2006, John worked as an attorney specializing in mergers and acquisitions and corporate finance at Skadden, Arps, Slate, Meagher & Flom and Latham & Watkins. He represented prominent Wall Street investment banks arranging acquisition financing.
