US Government to Take Bigger Stake in Citigroup

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. A deal struck between Citigroup and the US Treasury Department on Friday marks the government's third rescue attempt for Citigroup in five months.

agreement will give the government a 36 percent equity stake in the company. "What we've really had to date is sort of a slow, de facto nationalization," said Neil Weinberg of Forbes Magazine, "Where the government's ownership stake in Citigroup has over time, gotten greater and greater."Although the stock conversion will give the government greater say in how the company operates, it also exposes taxpayers to greater risks if the bank fails.

White House economic adviser Paul Volcker tried to quell speculation about the government's intentions at a congressional hearing on Thursday. Volcker stated, "I would not call that nationalization, I would call that capital restructuring."Citigroup has already received 45 billion dollars in bailout money from the government. But with the Obama administration proposing another 750 billion dollars to stabilize the financial system, Weinberg says why not take over troubled banks entirely?

Weinberg added, "Citigroup, Bank of America are names that come up prominently. Take them over completely, get rid of the bad assets. Because what you have right now are zombie banks. They're neither dead nor alive, they can't really help the economy by lending aggressively and so you need to clean them up."As part of the deal, dividends for preferred shares were suspended.
The move sent Citigroup shares sharply lower, dragging the Dow Jones index close to an 11 year low.

Yuanmingyuan relics lost the first rat and rabbit statue in Paris was the first price auction

Paris Time 25 evening Grand Palais in Paris, France, "organized by Yves Saint Laurent collections with hot" special auction, Yuanmingyuan relics lost the first rat and rabbit, respectively, the first statue to drop 14 million euros hammer. 2 animals were the first night by telephone to participate in the auction buyer won the bid. Beast in the end the first two were taken a few buyers as well as the buyers identity is unclear.

More than from collectors around the world attended the evening's auction. However, the rat and rabbit the first bronze statue of the first major auction in the auction were several telephone between. After several rounds of the asking price, eventually the first two animals were involved in the night of the auction by phone buyers will be taken. At present, in the end the first two animals were taken a few buyers as well as the buyers identity is unclear.
The first rat and rabbit are the first bronze statue of Yuanmingyuan, "the first 12 Lunar New Year animal" can be identified in the present are still living abroad 2. "Lunar New Year animal first 12" in the second period of the loss of the Opium War, the current has returned to have the five: the first cow, the first monkey, tiger head, the first pig, horse first, while the first five long, snake-head, the first sheep, chicken First, the first dog statue are still unaccounted for.

Was informed that the auction results, to the French court to stop the loss of Yuanmingyuan relics rat rabbit the first bronze statue of the first auction of the European Convention for the Protection petita Chinese Arts Federation President Bernard Gomez said that he was very heartbreaking. He hoped that Chinese buyers are photographed statue in these two animals first, so that objects can be returned to China. Gomez also stressed that his proposed claim, apart from hope to be able to stop the auction house Christie's auction, but also wish to remind the French people concerned about the fate of Chinese cultural objects.
Once published in the French burned the Yuanmingyuan insider expose the works of "1860: Yuanmingyuan great catastrophe," the French historian, veteran journalist Bernardalso the first to know Yuanmingyuan rat and rabbit auction results of the first statue to the Xinhua News Agency reporter Biao Shi , he can understand the feelings of Chinese people. He hoped that whoever bought the capital of these two beasts be able to respect them back to China.
In addition, 25 evening activities in the auction at the same time, some in France and the overseas Chinese students in the Grand Palais in Paris auction to be held in front of the protest activities. Them to passers-issued Yuanmingyuan and the introduction of the auction promotional materials. One student said that the first two animals for the French people are news, but it is the history of Chinese people, I hope be able to help through the protests of the French people understand the history of the Yuanmingyuan, as well as respect of these two beasts bumpy first experience living overseas.

How lovely! I like it!

Yesterday, an amazing thing happens. My computer falled to the ground from my bed when it was about 3 o’clock a.m. and I was sleeping. Then I woke up immediately and got up to check it. Thank goodness, it is okay！
After that, I went back to my bed. However, I can’t fall asleep at all! On one hand, I had classes that morning, I had to get up earlier than weekdays, on the other hand, the classes are the ones that I hate very much. So I was very miserable all day long.
That is a really unforgettable day!

This is my second diary,I don’t know what to write about.Here I will say something about myself.
I am a person who don’t like to speak out my own things,and I like to keep things just in my mind instead of telling my feelings to friends and parents.
When I want to talk something,I will speak out without anyone’s asking.so,if I don’t want to say something,nobody could force me to do it.
After all,I won’t write too many things about myself here,please forgive me.

My carton photo

My habby is watching japanese cartons,and this photo is my favourite one!