Citigroup Needs Second Slice of Bailout Pie

[falcon]

The first bailout slicewas25 billion. That did not do the trick, so Citi is back for another slice.IMO: Let them save themselves with a merger or go under.


http://news.yahoo.com/s/ap/20081124/ap_on_bi_ge/citigroup

[Phil from Maine]

Let them go under, the last bailout was used to buy out Washington Mutual, the bank that had my house loan.. What will happen when they go under? How do I continue to pay for my mortgage? Will the bailout pay for my mortgage why they figure out what to do with a bank like this? Anyways they abused the first bailout so why give them more money?

[Fieldmouse]

ORIGINAL: falcon

The first bailout slicewas25 billion. That did not do the trick, so Citi is back for another slice.IMO: Let them save themselves with a merger or go under.


http://news.yahoo.com/s/ap/20081124/ap_on_bi_ge/citigroup

Don't forget the 10 billion from UAE.

Hey phil, don't pay your bill. From what I hear know one knows who tuely owns you bank note, therefore, who can foreclose on you. Unfortunately, I bank with a company that has never sold any of their loans.[:@]

[falcon]

Don't forget the 10 billion from UAE.

Yep, add those billions up and it gets to be a pretty good chunk of change. Question for the board:Will Citibuy another bank after they get theirnextwelfare check?

The big banks get all the bailout welfare money, they horde itanduse it to buy other banks; thesmallhealthy banks that are managed well have no money to loan.


Late breaking news: Late Sundayour munificent governmentgave Citi a 20 billion welfare check. Don't you just love the word "plow" as used in the article.As in; "plow the stinky chicken manure into the soil."

Rushing to rescue Citigroup, the government agreed to shoulder hundreds of billions of possible losses at the stricken bank and to plow a fresh $20 billion into the company.


Regulators hope the dramatic action will bolster badly shaken confidence in the once mighty banking giant as well as the nation's financial system, a goal that so far has been elusive despite a flurry of government interventions to battle the worst global crisis since the 1930s.[/align][/align][/align]
The action, announced late Sunday by the Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corp., is aimed at shoring up a huge financial institution whose collapse would wreak havoc on the already fragile financial system and the U.S.
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[RenaissanceBiker]

Citigroup has receivedmore than the Big 3 auto makers asked for last week.

[stealthycat II]

almost everyone says go under
almost every govt person says its better to let them go under


everything is being done to keep them from going under


I don't understand really HOW its being done, but it is, we've regressed to a point where now, you CAN run a failing, floundering business with terrible management, terrible financial plans and running terrible business and STILL stay in business.

I wish they'd give my company a few billions to help my stock prices, maybe fly me to AZ for a vacation errr business meeting, assure me a raise in 2009 ....... [&o]

[falcon]

Just last week Citi announced that they would lay off 52,000 workers. Betnone of the fat cats losttheir golden parachute or were fired. It amazes me that the same CEO who is partly responsible for Citi'scondition isallowed to run the company under bailout.