US Government to Take Bigger Stake in Citigroup
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Shares of Citigroup plunged more than 30 percent Friday after the U.S. government reached a deal with company officials to convert up to $25 billion in bailout money into common shares. The share designation does not guarantee regular dividend payments but typically provides shareholders with the right to vote. The deal gives the government a larger say in the ailing bank, but it also increases the risk to U.S. taxpayers.
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