*CITIBANK'S CITICORP SHARES PLUMMET IN PRE-MARKETS TO NEW LOWS, CAUSING FUTURES TO SINK DEEPER
*GOVERNMENT TO REVAMP CITI BOARD, TAKES LARGER STAKE BY CONVERSION OF PREFERREDS
*MOVE SEEN AS THWARTING A RUN ON THE BANK
FEBRUARY'S POINT DECLINE FOR DOW, WORST ON RECORD. DOW NOW STANDS AT 50 PERCENT LOSS FROM ALL TIME HIGH. THE REAL ECONOMIST OF ASTORIA, OFFICIALLY DECLARES THE WINTER AD 2008 TO AD 2009 AS THE WORST IN THE LAST FEW DECADES.
ASTORIA, NEW YORK
Another friday, another down day for the Dow. February closes with the Dow just above the 7000 area. The major culprit was Citicorp (C). It was forced to go back to the government and make another deal. The latest one will bring the government's stake in Citi's common to 36 percent. The move will dilute further existing shareholders. This week has seen other bad news including an increase in first time unemployment applications, a decrease in existing home sales and a 5.2 pct decrease of durable orders for January. The real economist believes that March could be a wild one for the markets. "After a dip below the 7000 level, it is possible to see a slim gain for the month if not better. We need to see spring soon ".
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