Citi Death Watch Thread

[2952-0-0]

Shi tti Citigroup is in deep, deep, trouble. It will be apocalyptic if it were to go bankrupt like Lehman Brothers. Don't be surprised if it were to receive an AIG-like bailout. LIBOR is about to shoot through to the exosphere. This, plus the Detroit car makers pleading for cash, is not good for anyone. Hang on to your seats, folks.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a3ArjWNoRSKw&refer=home

[CARLHAYDEN]

Shi tti Citigroup is in deep, deep, trouble. It will be apocalyptic if it were to go bankrupt like Lehman Brothers. Don't be surprised if it were to receive an AIG-like bailout. LIBOR is about to shoot through to the exosphere. This, plus the Detroit car makers pleading for cash, is not good for anyone. Hang on to your seats, folks.

http://www.bloomberg.com/apps/news?pid=20601087&sid=a3ArjWNoRSKw&refer=home

It will be interesting to see who supports spending taxpayer money to keep the Citi executives in bonuses and lavish parties, but not spend one cent to support the domestic automobile industry.

[Fmr. Pres. Duke]

You would've thought Citi had some liquidity when they tried to buy Wachovia. This is great. I bought Citi stock at $14 a share and I thought I had gotten a deal. I might as well get out of financials once and for all.

[○∙◄☻¥tπ[╪AV┼cVê└]

If you're too big to fail, you're too big to exist. It's bullsh**t that the large corporations get bailed out while small companies and the poor are left to fend for themselves.

[Queen Mum Inks.LWC]

If Citi goes, my dad's company might do better.  But other than that, Citi failing would be terrible.

[CARLHAYDEN]

If you're too big to fail, you're too big to exist. It's bullsh**t that the large corporations get bailed out while small companies and the poor are left to fend for themselves.

Exactly!

What has been absent for decades is agressive anti-trust enforcement.

Any business which is too big to fail, is too big, and should be broken up.

More competition is needed.

[Queen Mum Inks.LWC]

MSNBC just e-mailed me saying the gov't is to unvail a plan to back $306 billion in loans and securities.

[○∙◄☻¥tπ[╪AV┼cVê└]

MSNBC just e-mailed me saying the gov't is to unvail a plan to back $306 billion in loans and securities.

Great, whenever some rich person screws up, the American taxpayer is on the hook.

[Queen Mum Inks.LWC]

MSNBC just e-mailed me saying the gov't is to unvail a plan to back $306 billion in loans and securities.

Great, whenever some rich person screws up, the American taxpayer is on the hook.

It all started with housing bailouts.  It doesn't matter if a rich or poor person screws up, ALL taxpayers were on the hook.  It started out sounding good, but now look where we are.

[memphis]

I'm so fed up with this sh!t. These banks are running away with the federal treasury.  I hope the Obama administration has better ideas than the Bushies.

[Swing low, sweet chariot. Comin' for to carry me home.]

smart move to save Citi

[opebo]

MSNBC just e-mailed me saying the gov't is to unvail a plan to back $306 billion in loans and securities.

Great, whenever some rich person screws up, the American taxpayer is on the hook.

Well I'm not sure that's precisely true as I think the money can just be created without taxing anyone (through 'debt' to be inflated away later, or simply printing the money now).  But regardless, there is a very good argument for nationalization of all these industries now, to prevent too much benefit from flowing to the fortunately unfortunate rich.

[○∙◄☻¥tπ[╪AV┼cVê└]

MSNBC just e-mailed me saying the gov't is to unvail a plan to back $306 billion in loans and securities.

Great, whenever some rich person screws up, the American taxpayer is on the hook.

It all started with housing bailouts.  It doesn't matter if a rich or poor person screws up, ALL taxpayers were on the hook.  It started out sounding good, but now look where we are.

OK, some middle class people screwed up a little. The rich screwed up A LOT. We are bailing out the rich capitalist owning class. Thanks for the class warfare.

[A18]

"The" "rich," or some "rich"?

[JohnnyLongtorso]

I just got a letter from Citibank raising the rate on my credit card from 7% to 15% (through no fault of my own). Let them burn.

[MK]

I just got a letter from Citibank raising the rate on my credit card from 7% to 15% (through no fault of my own). Let them burn.

Its help the rich, soak the poor.

Sad but fact.

[Swing low, sweet chariot. Comin' for to carry me home.]

I just got a letter from Citibank raising the rate on my credit card from 7% to 15% (through no fault of my own). Let them burn.

Its help the rich, soak the poor.

Sad but fact.

dude, if citibank were allowed to go under, the whole system could unravel and the "poor" would become pennyless peasants begging for bread

this has nothing to do with bailing out the rich (though some rich are undoubtedly getting golden parachutes as part of the result), rather it has to do with saving the financial system.

so while all of you whine about these bailouts, these very same bailouts are attempting to keep you and everyone you know out of a soup line

grow up and realize that they're simply trying to stabilize a rapidly sinking balloon known as the World Economy.  This balloon is soo big and soo complex, no one understands it, and all hands are on deck panickly trying to pump air into it before it deflates completely.  If it deflates completely, then were facing a situation at least as bad as the Great Depression and maybe far worse.

[Matt Damon™]

the only way i could support a bailout of any of these companies is if there were no golden parachutes and the payscale of the company was set so the top executives only got 90k a year

[Swing low, sweet chariot. Comin' for to carry me home.]

the only way i could support a bailout of any of these companies is if there were no golden parachutes and the payscale of the company was set so the top executives only got 90k a year

but since that is not happening, what are you going to do, stand in a soup line wearing a Tshirt listing your principles?

here is great and sobering interview:

http://www.cnbc.com/id/15840232?video=937772691&play=1

[Queen Mum Inks.LWC]

MSNBC just e-mailed me saying the gov't is to unvail a plan to back $306 billion in loans and securities.

Great, whenever some rich person screws up, the American taxpayer is on the hook.

It all started with housing bailouts.  It doesn't matter if a rich or poor person screws up, ALL taxpayers were on the hook.  It started out sounding good, but now look where we are.

OK, some middle class people screwed up a little. The rich screwed up A LOT. We are bailing out the rich capitalist owning class. Thanks for the class warfare.

Nobody who screwed up should be bailed out.  Rich, middle class, I don't care - they don't deserve it.

[The Mikado]

You know, I don't know who annoys me more: pro-bailout people or anti-bailout people.  This entire argument has become farcical and so far out that I no longer feel like I can reasonably fall on either side.

[Tetro Kornbluth]

You know, I don't know who annoys me more: pro-bailout people or anti-bailout people.  This entire argument has become farcical and so far out that I no longer feel like I can reasonably fall on either side.

^^^^^^^

[Small Business Owner of Any Repute]

I just got a letter from Citibank raising the rate on my credit card from 7% to 15% (through no fault of my own). Let them burn.

Citi tightened up my Home Equity line a few months back.  It was clear that they were in trouble back then.

[MK]

I never said I wasn't for the bailout for the greedy bastards. Iam just pissed that everybody didn't want to bailout the auto- makers which would save alot of peoples jobs, yet these rich bastards get a golden parachute?  I mean you have people saying let the big 3 fail and "don't worry those people will find new jobs" - BS

Fact: you lose a manufacturing job and about 95% of the time you never get it back.

Fact: Be a rich greedy bastard like the ones at Citi and get bailed out.

[CARLHAYDEN]

the only way i could support a bailout of any of these companies is if there were no golden parachutes and the payscale of the company was set so the top executives only got 90k a year

but since that is not happening, what are you going to do, stand in a soup line wearing a Tshirt listing your principles?

here is great and sobering interview:

http://www.cnbc.com/id/15840232?video=937772691&play=1

My uncle is a medical doctor (a specialist).  If a patient he treated suffered extreme adverse consequences as a result of his treatment, he would be sued, or worse.

My father in law is a civil engineer, and if a building he designed collapsed, as Citibank has (except for repeatedly being propped up by the feds), he'd be sued, and probably lose his license.

So, why haven't the execs at Citi, and the other financial institutions lost their jobs?

Ever hear of of "moral hazard"? 

It should apply to executives as well as shareholders.