U.S. Agrees to Citigroup Bailout (Guarantees $300 billion in toxic assets)

Wall Street Journal ^

[unkus]

ping

[Marine_Uncle]

One should differentiate between Obama's electing cabinet members and having some of his people sitting in at meetings with the Fed and the SoT. He is not calling any shots yet.
If anything he has made clear he is not yet POTUS and must not be looked at as jumping in. And he has said he in essence will follow the lead of the current administration in principles till now defined as to what steps to proceed with concerning bailing out major banking systems.

[Pride in the USA]

When is the revolution?

[Candor7]

What you have proposed is exactly what was going on last week , with buyers lined up to but CitiCorps benign divisions. WHo balked and made the "through ourselves at the mercy of the Feds" initiative necessary?

Well its not rocket science. About 20% of CitiCorp is now owned by Arab princes,as of last August, and they want CitiCorp undevolved. And they got it.

[Almondjoy]

The Fed is a private corporation made up of the biggest 20 banks.. which is admittedly a little smaller than it use to be.

None the less the Fed’s part is a loan.

The FDIC gets it’s funds from banks paying a fee to it. Thus it’s the banks that are bailing itself out.

The Treasury is the only Gov’t unity that receives it’s funds from the taxpayer.

Thus 5 billion.

[Almondjoy]

See 125.

[Niuhuru]

Yep. It’s times like this I understand how Socialism begins to look appealing to the Average Joe.

[righteousindignation]

you and Mathwizz both make me proud to be a Freeper!! I am in total accord with and am edified by your posts as a 71-year-old observer of our capitalistic system’s slippery slide.

[BlackVeil]

Everyone is talking about going through the pain, I DON’T SEE AND STINKIN PAIN for the thieving banks and wallstreet.

Neither do I see any. It says here:

The government is not expected to require any management changes, as that was seen as potentially being too destabilizing.

Too destabalizing to change a management which has failed? It is capitalism itself which is failing here - the whole notion of a free market.

[Liz]

EXCERPT FROM 5-PAGE NY POST REPORT........members of the Congressional Black Caucus attended the 13th annual Caribbean Multi-National Business Conference in sun-drenched St. Maarten at the Sonesta Maho Beach Resort and Casino......enjoying free airfare, meals and hotel rooms paid for by IBM, AT&T, Verizon, Citigroup, Pfizer, Macy's and American Airlines.....

Citigroup that last week received a massive bailout, ponied up $100,000 according to one lobbyist....and has supported the conference for several years, but would not reveal an amount.

Sonesta Maho Beach Resort and Casino

[Liz]

Wonder how many sex acts $300 billion tax dollars will pay for?

Lookit this guy Rubin.......he's gotta be paying for it.

What woman in her right mind would voluntarily perform a sex act on this turkey?