On Nov 23, 9:07*am, Don Tiberone > wrote:
> http://www.cnbc.com/id/27835645/site/14081545
>
> All US Financials Will be Nationalized in a Year: Manager
>
> CNBC.com | 21 Nov 2008 | 10:10 AM ET
> Text Size
>
> It's not preferable, but all major U.S. financial companies will
> eventually be under government control because the alternative is so
> much worse, Hugh Hendry, chief investment officer at hedge fund
> Eclectica Asset Management, said Friday.
>
> "All financials will be owned by the U.S. government in a year,"
> Hendry said. "I bet you."
>
> Nationalizations take dramatic losses from the private sector and
> places them on the larger balance sheet of the public sector, he said.
>
> "It's not good," but society is vulnerable and society is going to
> have to intervene, Hendry said.
>
> Shareholders Should Get Nothing
>
> Because the taxpayers are forced to foot the bill for bailout out the
> banks, shareholders shouldn't be compensated, Hendry added.
>
> (Watch the accompanying video for Hendry's full comments...)
>
> "Actually the shareholders of Citigroup have looked the other way for
> more than a decade" while management took excessive risk, he said.
>
> Shareholders should take nothing away if it is nationalized, because
> the taxpayer will be "paying this for a long, long time," he added.

If you or your funds are holding any financial stocks sell ASAP.

mitch