Citigroup Bailout Blasted [reader comments]

The Washington Post - dot.comments ^ | 2008-11-24 | Doug Feaver

[rabscuttle385]

Our Readers Who Comment are up in arms this morning about the news that the government will protect Citigroup against potential losses on a $306 billion pool of troubled assets.

Those readers have hated bailouts from the moment they were first proposed, and that anger has not diminished in the weeks since. They complain that huge banking companies who stiff them with astronomical interest charges for being a day or two late on their credit cards are getting help, but they're not. They wonder why government seems less willing to assist the auto industry and its threatened workers than it is in saving bankers.

One reader suggested a taxpayer strike, and several more cheered the idea. But as Neil Irwin and David Cho wrote, the government's help to Citibank would not come without conditions.

[rabscuttle385]

FTA:

cleancut77 wrote, "I remember going through a tough time I missed some payments on my credit cards. I was willing to pay but could only muster up the minimum...The debt was not going down much. I called Citibank...I was told nothing could be done... They should face the same bitter pill they dished out to millions of American consumers looking for a break on onerous rates..."

Of course, Citi's bailout comes on the heels of announcements by Citi it will hike credit card interest rates on a large segment of their customer base ("to offset a $1.4 billion third-quarter loss for its credit card unit").

[ari-freedom]

I wonder why government is less willing to protect the lives of the unborn. they really deserve a bailout

[Uncle Miltie]

After $300,000,000,000.00 foisted onto the taxpayer,

1) the CEO should have the good sense to resign
2) the BOD should have the good sense to fire him
3) the Govt. should have a requirement that he be fired
4) Prosecutors ought to look carefully for charges against him, and
5) Shareholders should sue the company

Is any executive going to lose their job over a few hundred billion? If not, why not?

[muawiyah]

Now that Uncle Sam owns part of Citibroup it's time for him to start dictating some terms.

That's my tax dollars at work there BTW.

The first "term" is that they must rationalize their credit card rates ~

The second "term" is that they must fire 3/4 of their executives and not replace them.

[Mr_Moonlight]

Why not let the Feds buy out CitiCorp, rename it Jackie Robinson Corp, and then Mets fans will be happy with the name on their new stadium.....

[SMCC1]

I just got a loan from citibank like a week ago.

[Las Vegas Ron]

I wonder why government is less willing to protect the lives of the unborn. they really deserve a bailout

Ouch...talk about a stinging fact. Well said.

[boxer21]

“I called Citibank...I was told nothing could be done...”

If I were President, I would hire that guy (above) and tell him to call the Citigroup CEO and repeat those words; so help me God.

[a real Sheila]

and to think of the folks who have been fired for using the company phone or pilfering office supplies....

[packrat35]

My wife has a citibank card and they already raised the rates. Just found out her job is in trouble. If she gets laid off, CitCard is the first one I stop paying. Hell they already are getting me with this deal.