So Much For That Citi Short Squeeze

Sorry if we got your hopes up that there’d be a big short-covering rally in Citi shares today. We were intrigued by the theory that hedge funds had mis-played the preferred-to-common arbitrage, and would be forced to unwind their common shorts. Alas, no. Or at least not yet. Citi shares are off another 18% today, down to just $1.25.

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