Will Citigroup be next to go?

[Valuist]

Have a feeling there will be some kind of federal takeover soon......maybe as soon as tomorrow. They seem to like to do these things on Sundays....the stock is clearly in a death spiral.

http://www.cnbc.com/id/27859019

[LottaKash]

Not to worry, as long as the Banksters are still running the government, they will take care of all of their babies, this one will be no exception........:eek:

best,

[robert99]

"Everyone knows saving Citigroup is important to saving the economy, but no one knows what to do," said one person close to the firm.

Just the quote to instill confidence?

The run on the bank may already be long over via internet withdrawals and credit lines are shot - what's to save?

[LottaKash]

"Everyone knows saving Citigroup is important to saving the economy, - what's to save?

That is right Robert, and this country is broke, bankrupt, kaput, so why waste any more money chasing a loser ?....Why not save the money for more important bailouts like the "people" and their future, instead of giving the Banksters a fond and loving Farewell, before we face our reality ?.......

best,

[ddog]

funny in a sick kind of way, but most people in this and to a lessor extent other soon to be third world countries see no problem with 300Billion and counting for C and yet all the pissin and moanin at the bail of the little three.

where are the C concessions?
Noticed the current C mgmt(?) stays, didn't want to create crisis of confidence. :lol:

your gvt just pissed away 300B with no chance of helping at all.

No matter what you think of unions and/or the auto boys, they are at least as worthwhile a bail as a bunch of lying corrupt fraud riddled banksters ever were.

What the clowns and idiots don't want to admit is that the "financialization" of this and other countries was never going to be the saviour of an "economy".

That sector needs to shrink and bigtime and you can throw money at it for a decade and you will only end up with roaring inflation and a dead economy at the end.

this suckers going down. W.


P.S.

for 300B one could setup a brand new C with a perfect balance sheet.
Hmmmmmmmmmmm. why isn't that an option?

yeah , thought so.

[sammy the sage]

http://news.yahoo.com/s/ap/20081124/ap_on_bi_ge/citigroup

What's in YOUR (pants)...the GOVERNMENT hand...actually! :( :mad:

[Tom]

I keep hearing the phrase "too big to allow to fail."
If that be the case, I say "too big to allow to exist."

Break 'em up.

[Woodpecker]

The "free money give-away" is getting so bad that I'm going to have my niece and nephews write a letter to Paulson instead of Santa Claus this year!!

[Marshall Bennett]

Obamians are wanting Bush to step aside immediately and let Obama take over , as if it were possible , or as if it would do any good . For the sake of every American , Obama should step aside and let Bush continue another 4 years . :)

[HUSKER55]

Marshall-do you remember George SR and the savings and loan scandal?


I don't know..hmmmm could there be a link?

[LottaKash]

No man did more to expose the power of the Fed than Louis T. McFadden, who was the chairman of the House Banking Committee back in the 1930s. Constantly pointing out that monetary issues shouldn't be partisan, he criticized both the Herbert Hoover and Franklin Roosevelt administrations. In describaing the Fed, he remarked in the Congressional Record, House pages 1295 & 1296 on June 10, 1932, that :

"Mr Chairman, we have in this country one of the most corrupt institutions the world has ever known, I refer to the Federal Reserve Board and the Federal reserve Banks. The Federal Reserve Board, a Government Board, has cheated the Government of theUnited States and the people of the United States out of enough money to pay the nationb debt. The depredations and the iniquities of the Federal Reserve Board and the Federal Reserve Banks acting together have cost this country enough money to pay the nationbal debt several times over. This evil institution has ompoverished and ruined the people of the United States; has bankrupted itself, and has practically bankrupted our Government. It has done this through the maladminstration of that law by which the Federal Reserve Board, and through the corrupt practices of the moneyed vultures who control it."

Yes Folks, they have managed to repeat the process.....the Banksters win again....How sad for this country........

best,

[Woodpecker]

Bush and his merry band of crooks are doing a good job of looting the Treasury on the way out.

Just made all of us debt slaves.

and they had the nerve to complain a/b the Clinton's taking the silverware on the way out.

[boxcar]

Bush and his merry band of crooks are doing a good job of looting the Treasury on the way out.

Just made all of us debt slaves.

and they had the nerve to complain a/b the Clinton's taking the silverware on the way out.

Yeah...but the Clintons got to keep the silverware. :rolleyes:

Boxcar

[ArlJim78]

i like how for the financial institutions the bailout process is like a revolving door. "now serving Citigroup!". Please sign here for your $300 billion. no plan necessary, no debate, they just process it late Sunday night under the cover of darkness.

oh, but when it comes to the Big 3, its all "where is your plan? are you kidding flying here on a corporate jet you ingrates. come back in a few weeks and we'll consider $25 billion for the three of you."

[wonatthewire1]

Yeah...but the Clintons got to keep the silverware. :rolleyes:

Boxcar


Silverware is for losers

Get in on the gold - picking up C at $3.74 on Friday and dumping at $6.09 today is getting the gold - that is what those ivy league educations are for!

And the Oboomboom taxes won't be touching my $640k take - unless they make it retro...

:lol:

[boxcar]

Silverware is for losers

It never crossed my mind to think of the Clintons as anything but...

Boxcar

[highnote]

Banks exist for the public good and are backed by sovereign liquidity safety nets.

What happened was that a "shadow banking" system emerged that could achieve greater returns than a stodgy old regulated bank.

The shadow banks weren't regulated like a regular bank. Investors in the shadow banks' products treated their investments as if they were just as safe and liquid as a sovereign backed bank. As long as everyone kept leveraging up and the borrowers paid their bills everyone was happy.

At some point, borrowers could no longer meet their obligations and the house of cards tumbled -- the balloon popped -- etc. Choose your metaphor.

The new conventional wisdom: levered capitalism is good, and made even better with a bit of socialism to protect the downside.

Well Maybe
I'm quite sure that last sentence is not going to sit well with some of you. It's not supposed to sit well. It doesn't sit well with me, I must acknowledge, nay confess. Like most of us, I've always had a separation in my mind between strictly capitalist activities and strictly public activities. Not that the demarcation is always clean. But it's a useful way of thinking.

As far as I know, the place where I buy my fishing tackle is a capitalist outfit. If we customers don't buy enough rods and reels, the owner will go broke; his operation is simply not systemically important enough to be bailed out by the taxpayers, including my neighbors who don't fish. In contrast, the local Department of Motor Vehicles, sometimes called the DMV, is unambiguously not a capitalist outfit, but a public outfit. It cannot go broke, as evidenced by our tolerance of its fluctuating service level, because it provides a public service that the private sector can't provide. To be sure, AAA can get you new plates for your car, but you can't renew your driver's license at the AAA; for that, you have got to go to the monopoly called the DMV.


http://www.investorsinsight.com/blogs/john_mauldins_outside_the_box/archive/2008/11/17/the-stock-market-is-not-in-uncharted-territory.aspx

This bailout is what is known as "privatizing the profits, socializing the losses".

Unfortunately, it appears to be a necessary evil.

[LottaKash]

Unfortunately, it appears to be a necessary evil.

HaHa, for WHO ?........:eek: ...

Frig the banks, I say.....we are broke, so is it necessary to be raped as well ?... For the life of me, I can't understand the necessary part....

What, to forstall the inevitable, while the rich continue to get richer, and convert their ill gotten gains into GOLD, before the shit hits the fan ?....

Yeah sure, very necessary......:rolleyes:

God help us....

best,

[highnote]

HaHa, for WHO ?........:eek: ...

For you, me, all of us. Socialism.

Frig the banks, I say.....we are broke, so is it necessary to be raped as well ?... For the life of me, I can't understand the necessary part....

What, to forstall the inevitable, while the rich continue to get richer, and convert their ill gotten gains into GOLD, before the shit hits the fan ?....

Yeah sure, very necessary......:rolleyes:

God help us....

best,


The gov has to choose its poison. Infuse the system with liquidity and settle for a recession. Or do nothing and bring on a depression.

The article at the link I supplied does a good job of explaining this financial socialism.

[LottaKash]

[QUOTE=swetyejohn]For you, me, all of us. Socialism.
The gov has to choose its poison. Infuse the system with liquidity and settle for a recession. Or do nothing and bring on a depression.[QUOTE]

Either or anyway you put it, we will have sweeping changes and hell to pay from here on out, that's for sure........oh boy....:eek:

best,

[The Judge]

is you give these guys everything they ask for and they still go broke. You de-regulate them, you let banks become brokerage houses and brokerage houses become banks, you let them consolidate, drive out the competition, charge userous interest rates and fees for any service, give them tax breaks, they make you do buisness with a machine. Not enough they still need a bailout is this the best we got these guys know no shame and have no talent.

These guys should be ashamed to show their faces in public and they want to be known like rock stars. The old timers had it right they knew who these bankers were they were the ones who forclosed on the old homested.

But then again they are rich and I'm paying the bill of course the deck is stacked in their favor.

[highnote]

You will be happy to know that your tax dollars are supporting the Royal family of England as they will benefit from this bailout of Citi.

Prince Charles is one the top shareholders of Citi stock -- 1.6 million shares and has a seat on the board.

The American taxpayer should be very proud.

Didn't France have a revolution over things like this?

[DanG]

You will be happy to know that your tax dollars are supporting the Royal family of England as they will benefit from this bailout of Citi.

Prince Charles is one the top shareholders of Citi stock -- 1.6 million shares and has a seat on the board.

The American taxpayer should be very proud.

Didn't France have a revolution over things like this?
Not to mention the usual massive Saudi Arabian connection.

Does anyone find it a little curious how certain recipients of funding are raked over the congressional coals and others are written checks in the dead of night…no questions asked?

One national request…PLEASE replace the term ‘Government bailout with Taxpayer funding. Not to mention the figures thrown around are classic federal math; 25 billion? How much bad debt did “we” assume in this deal?

We are on the financial socialism autobahn my friends and now shifting into 5th gear.

[Tom]

As a Citicard holders, do I have to keep making payments? :mad:

[highnote]

As a Citicard holders, do I have to keep making payments? :mad:


Absolutely not. But make sure you get other cards first. Then max out Citi.

[wonatthewire1]

is you give these guys everything they ask for and they still go broke. You de-regulate them, you let banks become brokerage houses and brokerage houses become banks, you let them consolidate, drive out the competition, charge userous interest rates and fees for any service, give them tax breaks, they make you do buisness with a machine. Not enough they still need a bailout is this the best we got these guys know no shame and have no talent.

These guys should be ashamed to show their faces in public and they want to be known like rock stars. The old timers had it right they knew who these bankers were they were the ones who forclosed on the old homested.

But then again they are rich and I'm paying the bill of course the deck is stacked in their favor.


See, Judge, that is what a fancy expensive Ivy League education is for - to figure out how to get all the help/handouts you can, make a ton of money and then move to Sanibel Island in Florida to spend your millions. And the people are all riled up over the pennies doled out via food stamps & welfare - yet are really getting fleeced by the Ivy Leaguers!

Greatest.Scam.Ever. And actually seeing great wealth accumulated in this manner is quite interesting. Those guys won't even thank you for all the cash you've handed over to support those houses on Sanibel Island and to pay for the next generations' Ivy League education. Well, the great shell game is being played out right before our eyes instead of behind the curtain this time...interesting, no?

[highnote]

Are our elected politicians really representing us? Do we really want our tax dollars spent like this?

I think not. So isn't that taxation without representation?

I sense a revolt brewing.

[wonatthewire1]

Are our elected politicians really representing us? Do we really want our tax dollars spent like this?

I think not. So isn't that taxation without representation?

I sense a revolt brewing.


It has been going on a long time John, no revolt yet - you're just seeing it happen this time - out in the open.

This is how the truly wealth accumulate and retain their wealth - the "promise" of America is that everyone has a shot at accumulating as well - but never will reach the heights of those that are on the inside.

For every "story" like a Mark Cuban, there are hundreds pulling down much more than that guy and that is the story that is sold to the public.

[chickenhead]

Citi CEO Pandit was on C-Rose last night for the hour. Talk about a guy I wouldn't have any confidence in, he doesn't seem to get it. Charlie asked him the same questions over and over and over, and never got reasonable answers.

I'm not sure which is more frightening; that he's in charge of assets larger than the GDP of most countries, or that we just guarenteed to cover the losses on $300 billion of them.

[LottaKash]

Citi CEO Pandit was on C-Rose last night for the hour. Talk about a guy I wouldn't have any confidence in, he doesn't seem to get it. Charlie asked him the same questions over and over and over, and never got reasonable answers ..... $300 billion of them.

I believe, that is the response that any thief would give, when being questioned by the authorities........He is a Gangster, and that is typical of his ilk......

best,

[ddog]

I think the real deal on him is that many others would not take the job, so he was finally "selected".

I don't think he is CEO type material but he is in an impossible position.
OTOH, he did take the gig.

C should have been broken into small bite sized chunks and sold off or given away or shutdown.

The current admin is going to toss whatever it takes at a lot of these failed entities and then get out of town, they know , they just can't be that dumb , that some of them are simply toast and are opting for the slow fail to have time to get some boats over the side.

O and the only ones currently allowed on those boats are the foreign investors who are kindly letting us destroy the "funds" they have accumulated , so far anyway.

[LottaKash]

No, the Banksters stole the money, and now they want us to replace the money that they stole, and then they will steal that too.......They ALL knew what they were doing, period....All according to the "Banksters Grand Plan", and they pulled it off, and will continue to do so, until there is nothing left to steal ...:eek: ...Any other explanation simply won't do.........Most Comtemptable men in our history........I think....:eek:

best,

[ddog]

sadly , lots of them didn't know what they were doing, they had it good while the music was playing, they didn't need it to stop (thx to C Prince "among men" for that little ditty).


They are not that smart in the the ways of the real world , they followed the tune as best they could like good little fat sheep do.


There maybe some grand plan, but these guys are not smart enough to run it.
No more proof needed.