Citi’s latest failed share offering makes it pretty clear how speculators have been pumping the shares lately. Sure, we’ve been discussing this for some time, but here it is, visualized.Citi shares have been punted all over the place since August, even breaking $5 at one point. Yet when actually presented to large institutional investors for the latest offering, Citi was only able to price its shares at $3.15. Thus the real money has spoken, and has killed the speculators. Everything above the yellow area shown below represents froth, which has been blown away. Right now Citi shares are down 7.5% to 3.19.
[image url="http://static.businessinsider.com/image/4b2a509d000000000006b13d/image.jpg" link="lightbox" caption="" source="" alt="Citi" align="left" size="xlarge" nocrop="true" clear="true"]
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