Tuesday, April 29, 2008

Big Shitpile Needs Food

Feed it!

April 29 (Bloomberg) -- Citigroup Inc., the U.S. bank hit with writedowns on subprime mortgages and bonds, is selling $3 billion of stock two weeks after reporting its second straight quarterly loss.

The shares are being sold in a public offering, New York- based Citigroup said today in a statement. Citigroup already has raised more than $30 billion of capital since December. After posting a first-quarter loss of $5.1 billion on April 18, Chief Financial OfficerGary Crittenden said he couldn't rule out additional rounds of capital-raising.