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- ajs508, on 01/27/2009, -6/+50i love the new jet they just bought! what a bunch of asshats
- hbyrne, on 01/27/2009, -1/+33He's done wonders for Time Warner, so why not share the magic with Citigroup.
- TheBigBad, on 01/27/2009, -1/+24They canceled the purchase under "suggestion" of President Obama.
- Wulffy, on 01/27/2009, -5/+19I do not have any problem if they would die.
- supercandy, on 01/27/2009, -3/+15"A proposed rescue for Citigroup has put congressional Democrats in an uncomfortable position of choosing between liberal advocacy groups who dislike the bailout package and President-elect Obama’s economic team that helped negotiate it.
Several left-leaning consumer advocacy organizations have criticized harshly the Citigroup aide package and have voiced general dissatisfaction with government action taken this year to shore up the shaky financial markets.
But while leading consumer advocates, who are traditionally allied with Democrats on many issues, have panned the Citigroup plan, two of Obama’s most senior advisers were deeply involved in crafting it.
Timothy Geithner, the president of the Federal Reserve Bank of New York, whom Obama has tapped to head Treasury, played a big role in the Citigroup talks.
So did Robert Rubin, a director and senior adviser at Citigroup, who has served as an economic adviser to Obama’s presidential transition team.
“Tim Geithner played a major role in designing it,” said Sen. Judd Gregg (N.H.), a leading Senate Republican on economic issues.
Gregg said that Democrats would “absolutely” find themselves in an awkward position if they criticized the deal because of the role that Geithner and Rubin played in putting it together.
In addition, two senior members of Obama’s economic team, Peter Orszag and Jason Furman, are former protégés of Rubin. Orszag has been selected to head the Office of Management and Budget next year and Furman is a top aide.
Consumer advocates have panned the plan, which calls for the government to invest $20 billion in Citigroup directly and back more than $300 billion worth of loans and securities held by the company.
“I don’t see the taxpayers getting the benefits they need,” said Ed Mierzwinski, consumer program director at U.S. Public Interest Research Group. “It’s sweet for Citigroup. It seems like the politically connected companies like Citigroup get a better deal than they deserve. The bailout should be a bailout and shouldn’t be a giveaway.”"
http://thehill.com/leading-the-news/dems-in-awkwar ...
Funny, they actually quote Democrat Senator Dodd who peddled corrupt influence with Countrywide Financial.
The old Swindle Continues.
It reminds one of the Clintons who gave Enron Federal Loan Guarantees throughout the corrupt 1990's. - immatellyouwhat, on 01/27/2009, -2/+13They should buy a 50 Million Dollar Jet, that should save them.
- inactive, on 01/27/2009, -0/+11We just have to accept some collateral damage.
- gametavern, on 01/27/2009, -2/+13These businesses need to die, so up and coming ones can succeed. ***** them and their ***** business practices. Give the hard working smaller businesses a chance to flourish.
- jmewhite1, on 01/27/2009, -1/+9you both are wrong , they ordered it way before the bailout,
they are thinking about canceling the order, but it may end up costing them. so either way they might be wasting money. but not the bailout money.... - rmxz, on 01/28/2009, -0/+7The *problem* is that these "too big to fail" organizations exist.
Citigroup should be split up into not-too-big-to-fail smaller companies and if the weaker of those fail, so be it.
The rest of the bailout money should be given to smaller well-run institutions (credit unions) to fill some of the needs the large banks played before. - SirConfucious, on 01/27/2009, -0/+6Citigroup is one of those funny institutions. The darn thing is just inconceivably large. There is really no larger general financial institution in the world. Yes there are bigger banks, yes there are bigger insurers, but in the end, there is really no one bigger than Citi as a whole in the financial world.
Citibank (the national banking division of Citigroup) is actually not all that bad off, it's just the rest of the fringe lending groups that bring the whole down.
To talk of "Citigroup" failing is, well frankly, quite scary. Not just for the US, but the world as a whole. The sheer number of people employed by that company is staggering. And the liability owed by Citigroup is a large fraction of what the entire US debt is. - inactive, on 01/27/2009, -4/+10Citi: no worries, we can fly away from this crisis with our new jet.
Obama: not if i can help it. leave citi to me.. (puts on shades) - SirConfucious, on 01/27/2009, -0/+6There is indeed talk of canceling the purchase, but also realize that Citi Flight was already working on selling 2 jets which would cover the cost of the new jet and then some. I'm not a fan of the move to get a new shiny jet at all, but it's not like they saw money from the feds and ran to get some new toys. Also look at the fact that a substantial deposit was made just to get the plane into production. Canceling the purchase would mostly be a PR move based on not continuing the damaging image.
- FearlessFreep, on 01/27/2009, -1/+6me
- WorldGroove, on 01/28/2009, -0/+5I
- billbugger, on 01/27/2009, -1/+6Me
- Liberty4Life, on 01/27/2009, -3/+8Bad businesses need to fail, its natural selection. Fear of failure/death keeps you on your toes!
No Corporate Welfare! (...or welfare of any kind...) - inactive, on 01/27/2009, -0/+5Much easier to fly out to that third world country in the dead of night with your loot on board, and you avoid lines at the airport...
- Serphyas, on 01/28/2009, -0/+5Me
- SirConfucious, on 01/27/2009, -0/+5Actually, they should order it, pay a substantial deposit, then cancel it :)
- inactive, on 01/28/2009, -1/+6"He’s very tall, with big hands, and he glides through Manhattan restaurants, patting the maximum number of backs that can be patted in a New York minute."
Might be the greatest sentence ever written. - alittleroy101, on 01/28/2009, -0/+4I'm not sure why they can't just sell the two old jets AND sell the new one when they get it.
- michrech, on 01/28/2009, -0/+4I did. Twice.
- TomFrost, on 01/28/2009, -0/+4Me
- BedPost, on 01/28/2009, -0/+4Me
- immatellyouwhat, on 01/27/2009, -0/+4" Welcome to ***** Wok how can I help you?? You wanna ***** chicken, or a ***** beef??? "
- cannonball, on 01/28/2009, -0/+4lol, who has money to buy jet planes right now?
- bjornski, on 01/28/2009, -0/+3Sure, once they're profitable enough to buy it on their own.
- inactive, on 01/28/2009, -2/+5The current "fiat money" financial system is one giant ponzi scam. The USD was backed by gold until 1975, when it became fiat money backed by nothing except faith in the US government!
The "fiat money" financial system require new money to support the massive debt, and the debt WILL get larger and larger, the US government now owe over 12 trillion dollars. One day, sooner or later, there will be no more new money, then the US government will need to create massive amount of new money out of thin air, massive hyper-inflation will occur and we will go back to the gold-backed system that worked for thousands of years. - Shawn4168, on 01/28/2009, -0/+3YEEEAAAAAAHHHHHHHHH
- sgyoung, on 01/28/2009, -1/+4HA HA HA, hit me, I don't care anymore. Really, I don't.
- seldon452, on 01/28/2009, -1/+4You say that, but you actually would. I am not for the bailouts but if citigroup were to fail it would definitely cripple the economy and give you problems. It isn't nice to hear, but it is the case.
- inactive, on 01/28/2009, -0/+3 Maybe they can conference online instead of traipsing around the globe to the all of the hooked up apartments they keep for themselves in cities around the world.
- zippy757, on 01/27/2009, -7/+9if Citibank fails your parents will lose even more of their savings. It's that big...even if they have no $s in citi, it's fingers will impact your folks.
We dont want citi to fail. Don't be stupid just because senior exec's f'-cked up... why kill everone when so few were jerks.... - mediaspree, on 01/27/2009, -2/+4Who is going to loan the small businesses the capital they need to flourish? Well...ok Catch 22... but I hope you get my drift.
- falser, on 01/28/2009, -0/+2And then ask for another bailout.
- alittleroy101, on 01/28/2009, -0/+2Well, isn't someone is buying the two older jets, or am I wrong?
- Dan6963, on 01/27/2009, -2/+4Are you trying to rap?
- SuperVepr308, on 01/28/2009, -0/+2You, sir, are correct.
- rignopolis, on 01/28/2009, -0/+2So, once they fail they'll stop calling asking for money right? If so I vote for failure.
- isukeyo, on 01/28/2009, -0/+2Yes, it would be devastating to the economy - but it is what's necessary. People like yourself need to accept the bad with the good. The economy is correcting itself - jobs will be lost, company's will go under, company's will restructure. The only thing the bailouts are doing is propping up an unstable situation (an action that can only last for so long before it collapses), and on top of that, taking away tax money that could be better utilized elsewhere, as well as devaluing the dollar. If the people running Citigroup can prevent them from going under without the help of the government, great! If not, that's just as well - a better company may rise from the ashes!
- inactive, on 01/28/2009, -0/+2dug for Horatio Caine
- studiocitizen, on 01/28/2009, -0/+2He was my "big" boss when I worked at Warner Bros. The TimeWarner stock they gave me for $48 a share is now worth about eight bucks thanks to him. I did get free AOL, so that's a bonus.
- Wulffy, on 01/28/2009, -0/+2seldon452: In my personal opinion the Citigroup is one of the worst institutions worldwide that are responsible for devastating the economy before the world got to know of it. All over the world they play with the money of poor people to make them more poor and to let them lose anything the life for.
- inactive, on 01/29/2009, -0/+1I think a Citigroup failure would be about like the "problem" of quitting cigarettes.
- sgyoung, on 01/28/2009, -1/+2You got screwed. (In AOL voice)
- financephi, on 01/29/2009, -0/+1He's the Darko Milicic of banking. You only put him in when it's over.
- inactive, on 01/29/2009, -0/+1Again, one word: Netjets.
- leandrotami, on 01/28/2009, -0/+1After the argentine economical crisis of 2001, Citibank gained notoriety among most of the banks in the city where I live because they denied to return to a man suffering advanced cancer his own life savings which he needed for his treatment. I still retain the image of that man going to the bank in a wheelchair trying to persuade Citibank. He eventually died being unable to recover his money.
Many transnational banks (like Citibank, Lloyds Bank, Bank Boston, ScotiaBank, Santander... and the list continues) stole from my country the life savings of hundreds of thousands of middle class families like my own. I feel as much simpathy for them as they felt towards that man and my society in general. -
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