Ardent Listener
27th February 2009, 06:48
In my opinon, this City Group deal puts the screws to its perferred stock holders by cuting dividens to those who don't convert over to common stock. Consider that perferred stocks hold a higher defult protection status than common stock. That may not mean much with this mess, but it goes to show that you can't expect the rules of the game to stay the same anymore as the house of cards collapse.