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Shares of Citigroup Inc., once the nation’s most powerful bank, fell below $1 a share Thursday. The stock fell to 98 cents in late morning trading, down 15 cents or 14.2 percent from Wednesday. New York-based Citi has lost more than 85 percent of its value so far this year, and is down more than 95 percent from a year ago as the bank was pummeled by the financial market crisis.
Citigroup’s shares will remain on the New York Stock Exchange. Last week, the NYSE relaxed its listing rules to allow stocks that fall under $1 to still be listed and traded on the exchange. The exchange said the change was warranted given the “current period of unusual market volatility and decline.”
More from Ken Silverstein:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Number of members in the Hillary Rodham Clinton fan club in Bombay, India:
The Indian government planned to lower the country’s birthrate by increasing access to nighttime television.
Doctors in Mumbai fed a 30-year-old man 60 bananas to induce the excretion of a stolen gold necklace valued at $995.
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“Shelby is waiting for something. He himself does not know what it is. When it comes he will either go back into the world from which he came, or sink out of sight in the morass of alcoholism or despair that has engulfed other vagrants.”