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Uncommon Interest In Common

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Yes, yes, we know that the excuse to start pushing for common stock with voting rights is that Tangible Common Equity is the standard for bank health that everyone is raving about- as if the voting rights were just an afterthought- but we told you before what this would mean when it came right down to it:

In an unexpectedly assertive joint statement, the Treasury Department, Federal Reserve and federal bank regulatory agencies announced that the government might end up demanding a direct ownership stake in major banks after they undergo a tough evaluation of their strength, which is to begin shortly.
"The capital needs of major U.S. banking institutions will be evaluated under a more challenging economic environment," the administration said. "Should that assessment indicate that an additional capital buffer is warranted," it continued, the banks could be required to give the government a right to acquire common shares, with voting rights.
The statement came as federal regulators confirmed that they were in discussions with Citigroup over precisely that kind of swap. Citigroup, which has received $45 billion in direct assistance and given the Treasury nonvoting preferred shares that pay a guaranteed dividend -- is negotiating to swap the preferred shares for common shares that would give the government a stake as high as 40 percent.

You can't get a little bit pregnant, people. Best you can do is to offer to go halfzies on an abortion. Plus, if you don't seem to care about preferred anymore, its likely at least partly because you have given up any attempt to claim that taxpayers are ever going to see a dime of the money back.
In Latest Plan for Banks, U.S. Could Demand Voting Stake [The New York Times]