U.S. gave up billions in tax money in deal for Citigroup's bailout repayment

Washington Post ^ | 12/15/09 | Binyamin Appelbaum

[Bokababe]

Deal made to recover bailout Firms exempted from rule when U.S. sells its stake

[Bokababe]

Glad to see that they are so generous with our money! /s

[Nachum]

The list, ping

[SunkenCiv]

At the tone, leave a whimper.

[allmost]

I've been reading multiple news articles over the last few days and have yet to find any concrete statement on the even larger problem. Earlier this year citigroup split off a 'bad bank' called Citi Holdings. At last acknowledgement the taxpayers were guaranteeing over $300 Billion in toxic assets for Citi Holdings. Just the holding companay and that's what was readily acknowledged. When it's all said and done this 'citi-scam' could cost taxpayers a half a trillion dollars.

[hercuroc]

I want my money back.

[FromLori]

Thats not all you know the $25 Billion they supposedly paid back well not true.

Citi doesn’t have to “pay back” the remaining $25 billion. The government converted $25 billion of preferred stock into Citi common at a little over $3/share for the common (when it was trading at less than half that). The government now intends to sell its Citi shares over the next 6-12 months. It may come to more or less than $25 billion but Citi isn’t on the hook for a shortfall if there is one.

Sweet deal were stuck with their toxic crap and they get huge bonus’s and

http://www.businessinsider.com/even-without-tarp-banks-are-still-heavily-subsized-2009-12

[devolve]

[FromLori]

Just look at the timeline of the Citigroup deal,” says one leading Democratic consultant. “Just look at it.

http://www.rollingstone.com/politics/story/31234647/obamas_big_sellout

Much more in that article about citigroup

and yes I know someone will come along and they citigroup and citibank are different if you count being a different division under the same umbrella as different I don’t.

Citibank Top Donor to Obama Inauguration

http://newsmax.com/InsideCover/citibank-obama-donors/2009/01/15/id/327689

[muawiyah]

Citibank, et al, own gazillions in credit card debt. They get to keep charging exhorbitant rates and avoiding income taxes.

Hmmm.

I do believe somebody will end up going to jail AFTER the Republicans take over the government.

[FromLori]

I hope so back in the 80’s when there was that savings and loan debacle there was prosecutions someone posted an article earlier about that

http://kunstler.com/blog/2009/12/hostage-situation.html

[NotSoModerate]

Didn’t Obama just say he didn’t become President so that he could bail out the “fat cat bankers” on wall st.?

[Eric Blair 2084]

Glad to see that they are so generous with our money! /s

You get it as a matter of principle. There is no such thing as government money. It's OUR money that we put our neighbors in charge of.

There is more to this story than the populist torches and pitchforks story WaPo is reporting. And I'm no fan of either.

[potlatch]

[FromLori]

check this out

One of the bankers came out and said his meeting was a pr stunt...

“It’s a p.r. stunt,” says an executive at one of the banks that will be getting a dressing-down at the White House meeting. Executives from Goldman Sachs, JPMorgan Chase, Bank of America and Wells Fargo are expected to be among those in attendance.

Read more: http://www.time.com/time/business/article/0,8599,1947411,00.html#ixzz0ZpN1cSLF

[ikka]

Joe the Plumber, however, has to be sure to pay all his taxes on time and he gets no tax break.

What are the chances that millions of "Joe the Plumber" types will now start working for cash under the table as much as they can?

[ding_dong_daddy_from_dumas]

The government now intends to sell its Citi shares over the next 6-12 months. It may come to more or less than $25 billion but Citi isn’t on the hook for a shortfall if there is one.

And even if they did get $25B for it, it would remain as part of the TARP/Dem slush fund until they decide what to do with it.

[foxfield]

There is more to this story than the populist torches and pitchforks story WaPo is reporting.

It's a nasty brew of greed, corruption, fraud, and fascism.

[LibertyRocks]

A little off the subject, but this came to mind when I read your post:

I’m seeing a future where doctors are working under the table for cash from patients who can’t afford healthcare, and are afraid of going to jail if they get busted, and the doctors themselves are sick and tired of all the government paperwork and red tape if HCR passes.

[LibertyRocks]

You’d be surprised at how many Americans (even those in COLLEGE) don’t even understand that simple fact (that the gov’t produces no money of it’s own and takes from us for everything they fund).

Did anyone actually think we’d see these funds back? I know I was told by a lot here to “trust”, support the bailouts & such, and that we’d get back our money with interest... I wonder where those same folks are now?

[Soothesayer9]

Doctors will be too afraid of getting their license yanked by the AMA to work “under the table”, otherwise we’d see a lot more of that sort of thing in Canada.

But then again..the Canadian health system is only half as bad as Obamascare.