Citigroup insisted Friday that it is financially sound. A week after announcing 52,000 employee layoffs, Citigroup accepted a $306 BILLION dollar government rescue yesterday. They also cut the dividend and agreed to restrictions on executive pay. Sorry Citigroup, but nobody believes that was really hot chocolate you’ve been serving your customers, employees and shareholders.
If life gives you a bowl of lemons, go find an annoying guy with paper cuts.
Quotation from ThinkExist.com
More fat cats being baled out at the expense of the little guy huh? Rub lemons AND salt into the wound.
Abigails last blog post..Hammock Day
Eish. Just glad I don’t work for the citi anymore.
Dolces last blog post..Westcoast Woes
For this particular deal I understand the government gets $27 billion of preferred shares to pay an 8 percent dividend and accompanying warrants which allow taxpayers to buy another 254 million shares at a price of $10.60 to take advantage of any subsequent stock price surge occurring.
Is that “democratic socialism?”
Best wishes
LindsayLobes last blog post..Joseph
This whole goat rodeo reminds me of something a wise man once said: “Put just as much frosting as you like on it. That ain’t gonna turn it into a cupcake.”
golfwidows last blog post..what can upside-down do for you?
Ya this whole thing stinks. What happened to letting the businesses that were being irresponsibly run just go bankrupt? A failing business should not be given a second chance. If they ran themselves into the ground then they NEED to die off. That’s the way things go. When they fail someone will pick up where they left off and do it better or fail themselves. It makes no sense to keep a failing business alive. Yes lets just keep throwing money down that bottomless pit.
I don’t know what to say anymore, was bitching too much around as is about this theme.
With all the good lectures I got from you and Lindsay, I still have not grown an iota wiser.
Lending is debt – right? So what still doesn’t go into my head, is that the whole economy is based on credit (debt, nonexistent value, or speculative value – whatever you want to call it).
Where are the merchants of Venice?
Yes, I do understand that if you open a business, store, restaurant … what have you not, you will need to borrow cash because it is unlikely that you find enough under your mattress.
But CiTi is not about that. Due to the present “cash-starved” society a bank should not just wither away because customers and other institutions are stopping to pay outrageous interest rates, which again as a result makes the bank go sour, like a lemon.
Perpetual pain, isn’t that what the government is injecting with our billions? It is in my opinion that this is not about the millions of low level job losses, it is not very much about people or common folks at all, it is instead a “war against changing the system”.
People on the upper floors don’t want to change it. Their white collar shirts are stained, but they want to continue “as usual.”
This whole financial mess is like a disease immune to antibiotics, but they keep pumping the drugs, even though they know it will not rejuvinate the patent.
No, I’ll say – let it all go to hell – the swifter the better and then reorganize.
Just a side thought. If the media wouldn’t hype up this thing to the extent they do, this “crisis” could have become a chrysalis. But heck, they are under the same hood with those who resist true change!
OK, rant is done.
Zees last blog post..not done quite yet
Friend,
This brazilian wine is very good, if you like wine and have the chance, try it
a kiss for you!
kirafashions last blog post..Little simple things
We all have to clean up the shit once in a while, so why not let someone have the lemonade we make out of it! Great idea! I’ll star that before the year is over!
And I agree with what you posted, we missed a month! I can’t remember March!
Carolina Langes last blog post..Cachecol cinza (Gray Scarve)
More socialism at work. More stupidity extended. More bullshit.
John J Savo, the Authoring Auctioneers last blog post..Boxlot Post #1
As I see it, they bailed out Citi because Citi owes money to Goldman and Goldman wants it so they have enough to pay off Paulson. So Paulson arranged for Citi to have enough money to pay to Goldman so Goldman could pay him. Simple, eh?
oh gosh, Susan you are brilliant. And now I am going to bed, dreaming of the Caribbeans.
Zees last blog post..not done quite yet
“The shit apple doesn’t fall far from the shit tree” – Mr. Lahey, from Trailer Park Boys.
Very well spoken! But it demonstrates that money is the blood of economy, and if the patient looses too much of it, then he must be administered new blood and lead a life full of doctor’s restrictions. Those bodyparts which can do with less or no blood, are disconnected from the body temporarily until the body is completely sound. So who says the corporation is sound after the blood gift, lies.
erik tjallinkss last blog post..A systems approach to animals, organizations and humans
I feel like this post was made just for me! As you may have read on my site, I’ve been cleaning a lot of crap lately – i just need the recipe on how to make lemonade out of crap.