Skip to comments.Citigroup to get $306 Billion Bailout
Posted on 11/24/2008 11:49:46 AM PST by 2ndDivisionVet
Main Street continues to suffer without help, while Wall Street continues to get billions of dollars of money thrown at it. Citigroup is the latest corporation in line for a bailout.
While its always said we don't have money for social security, medicare, schools, infrastructure repair, health care, we have plenty for Citigroup (and others) it seems.
According to MSNBC, late Sunday, the Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corp announced the bailout jointly. The U.S. government will take a $20 billion stake in the company, as well as guaranteeing as much as $306 billion of risky loans and mortgage-backed securities.
Other sources said the deal was still being finalized.
But it seems like a rescue for Citigroup is inevitable, despite opposition by many. The stock has crashed even faster than the market as a whole, and a move such as this is seen as vital to stabilizing the company and bringing confidence back to investors.
The proposal could establish a sort of "bad bank," according to the Washington Post to hold the toxic sexurities. One could also see that this could be extended to other banks, or used as a template.
“Every time that we try to lift a problem from our own shoulders, and shift that problem to the hands of the government, to the same extent we are sacrificing the liberties of our people.” —John F. Kennedy
Privatize Gains, Socialize Losses!
That 750 Billion is being eaten up fast!...............
I read where the Fed is up to 2 Trillion - more than the Iraq war!
tax and spend republicans. what is wrong here?!?
Is this a joke ?
Eaten up mighty fast....
“The proposal could establish a sort of “bad bank,” according to the Washington Post to hold the toxic sexurities.”
That’s some clever Paulsonian moves. First plan to by toxic paper directly—something only a Goldman Sachs guy and his ilk could think a good move. Then the Euros say no, don’t do that, and order Bush and Paulson to follow their lead and buy parts of banks, recapitalize. So Paulson says OK! and keeps separate toxic debt plans by redesignating the debt in a new bank.
And yes it is a bit late for folks to start worrying about socialism. It has been a long time arriving and now it is at full tilt boogie!
Especially since these are same loan sharks that enslave those with credit card debt while taking a bailout from the taxpayers.
I don’t have the knowledge to follow all the ins and outs of this fiasco.
But, I do recognize a humungous ripoff scam engineered by Bush, Paulson, Pelosi, Reid and Bernanke.
On the plus side, the credit companies more than doubled my credit limit, and I keep getting offers to get into deeper hock with more credit cards.
What a country.
On Friday the CEO was saying the company was fine and the stock was being beaten up by false negativity.
Why isn’t he in jail this afternoon?
The struggle of many over the course of the world. Sexurity is a hybrid desire for sex and security without the associated drama. Sexurity is reached when a person can have sex with someone, have it mean something, more than nothing, and feel good about it short term and long term. Sexurity is much different than love, bypassing the drama.
eg.: I just want some sexurity.
When you tell someone where you're going for a booty call with a stranger, just in case he turns out to be a psycho.
eg.: "Hey Susie - I'm going back to hotel room XYZ with that guy there; just telling you for my own sexurity.
What many people have searched for, for much of their lives. Sexurity is the hybrid desire for sex and security at the same time. Sexurity is not love and its not sex, it is both sex and security, no drama.
eg.: Damn, can't I just get some sexurity?
I can only imagine what the sexurity derivative market consists of.
...the end of living and the beginning of survival...
In September Citi took over Wachovia. They bought more than they could chew because now Citi needs bailing out. What’s wrong with this picture.
Jail? He's probably on his yacht, sipping a Pina Colada and laughing his a$$ off!!
Is what a joke? Kennedy’s comment? I hardly think so,
Congress? most assuredly.
Democrats = socialism
Republicans = corporate socialism
Rush said something today they he considered controversial.
He said, “No new ideas have been put forth in over 60 years, only recycled bad ideas.”
There's a reason for that.
“In September Citi took over Wachovia. They bought more than they could chew because now Citi needs bailing out. Whats wrong with this picture.”
Update - They tried to buy Wachovia, but it ended up going to Wells Fargo.
They sure like keeping everyone on the plantation; don’t they?
If Citigroup is so large that its failure means the failure of the American economy, then there's only one logical solution: break it up. It's a monopoly, holds too much power and its continued existence as-is is a threat to America's social stability.
Tip of the iceberg, Bloomberg (after sueing for access to treasury and FED information) just reported that our beloved leaders have set aside 7 trillion dollars of future taxpayer debt to bailout these con artists. They have already burned through half of it. That is half of our GDP. We are screwed.
Just think, the Chinese are building roads and nuclear power plants with the same amount of funding we just gave to Citibank. If we did that we would at least have something to fall back on when these jokers eventually bankrupt our country.
Well, the puts, longs, shorts and pulls are rather self explanatory.
It’s highly volatile too, with booms and upcycles followed rather quickly with flaccidity and downcycles.
Once one bailout was passed, it opened the proverbial flood gates. I suspect that Obama will attempt to bail out the American people with Stimulus checks composed of freshly printed money.