(p. s-8 of 424B2) And, this is a quote from page 3 of the same prospectus:
"Generally, each series of preferred stock will rank on an equal basis with each other series of preferred stock and will rank prior to Citigroup’s common stock. The prospectus supplement will also describe how and when dividends will be paid on the series of preferred stock."
So, this is an interesting question. Is the government's preferred "parity" preferred. Does the involvement of the government actually provide some protection to a regular preferred shareholder, assuming the government's preferred stock is also classified as equity rather than debt because the bank will be reluctant to stiff the Feds unless it is absolutely necessary while the willingness to stiff private investors would barely cause a moment's hesitation?