Everybody Gets a Taste

As we noted last night, Citigroup had gone back to the Feds for a further restructuring of the government’s ownership stake in the company based on converting preferred shares to common stock. According to this article in the Post, the federal government has agreed to that and also made the same terms available to the 350 other banks that have accepted government money. Bloomberg has more details. Here’s the joint statement from Fed, Treasury, FDIC, et al.