CitiBank – No Questions Asked

[fmccap]

CitiBank – No Questions Asked

When the Big Three automakers were finally settled in their chairs before the Congressional committee investigating whether they deserved a handout of $50 billion, they were asked a defining question; “How many of you flew commercial airlines to get here?”

 

No hands went up and they were sunk. Somehow the hubris of trotting about on private jets while asking for public money was simply too much for a suddenly stingy Congress.

 

No such questions were asked of the Citi bankers, in fact no hearings were even held, and they were given access to over $306 billion on the most favorable terms you could possibly imagine. This illustrates the power that the banking industry holds over our political process and it is a ruinous power. Why should Citi receive not only special treatment, but exorbitantly preferential treatment at taxpayer expense? I don’t know, but I’d like some answers.

 

I am, again, more than a little angry at this deal. It seems that when productive industries or actual citizens are involved, money is hard to find and difficult questions are asked. When banks need the cash? The results are enormous, immediate, and exceptionally favorable.

[AAISkinsFan]

Government Bail outs...

 

If you take a shower before you go to work, you get bailed out...

 

If you take a shower after work, you get thrown out...

 

Quote: President of U.S. Steel.

[sprinter]

As I have said before, Wall Street is a ponzi scheme

 

http://www.app.com/article/20081203/BUSINESS/81203042/1003

 

Citigroup Inc., the second-biggest U.S. bank by assets, was accused in a lawsuit of repackaging unmarketable collateralized debt obligations it held and re-selling them to itself in order to hide its exposure to the securities.

 

Citigroup, based in New York, began using the “CDO-related quasi-Ponzi scheme” in 2006 to give the appearance that it had a healthy asset base, according to the complaint.

[blue08GT500]

I agree 100% the govt gave the banks $700B no questions asked and not they look real stupid because the CEO's are getting large bonus, throwing big weekend events. So the Govt feels they should do something and the car makers will pay hell for it.

 

I think I am going to ask the Govt for a $300,000 loan to bail me out

[mettech]

Two wrongs don't make a right.

[suv_guy_19]

Two wrongs don't make a right.

 

 

There was a report released today stating that with the collapse of the Big 3, 600 000 jobs would be lost in Canada. Multiply that by 5 and you get the numbers for the US. That would be a wrong.

[RangerM]

There was a report released today stating that with the collapse of the Big 3, 600 000 jobs would be lost in Canada. Multiply that by 5 and you get the numbers for the US. That would be a wrong.

 

There are conflicting numbers.

 

Link to Article

 

A whopping 582,000 direct and indirect jobs would be lost in Canada over the next five years if the ailing Big Three US auto makers shut down their Ontario operations, said a study Tuesday.

If output is reduced by 50 percent, 296,000 jobs would be lost nationally, said the 11-page report prepared for the Ontario Manufacturing Council.

 

"The economic consequences of either a partial or total shutdown of the Detroit Three are stark," said the report.

 

"Either scenario is sufficient to push Ontario into a deep recession while the nation may barely escape one in the 50-percent reduction scenario."

 

Initial job losses of between 157,000 and 323,000 at assembly plants, parts manufacturers and others, depending on the scenario, would rise to between 296,000 and 582,000 by 2014, said the report.

[suv_guy_19]

There are conflicting numbers.

 

 

I was simply rounding to the next 100 000. It wasn't much of a stretch. This a very possible number.

Edited December 17, 2008 by suv_guy_19

[RangerM]

I was simply rounding to the next 100 000. It wasn't much of a stretch. This a very possible number.

 

Actually it was my bad ( )

 

I read your post too fast, and thought you said 3,600,000 jobs in Canada. Your use of the space (instead of the comma) separator to identify 000's threw me off.

[suv_guy_19]

Actually it was my bad ( )

 

I read your post too fast, and thought you said 3,600,000 jobs in Canada. Your use of the space (instead of the comma) separator to identify 000's threw me off.

 

 

lol, sorry. I was always taught that we didn't use commas for numbers in Canada (outside of Quebec). I see it all the time though, so maybe I was taught wrong.

[RangerM]

lol, sorry. I was always taught that we didn't use commas for numbers in Canada (outside of Quebec). I see it all the time though, so maybe I was taught wrong.

 

Not wrong, just different.

 

I think in Europe they use spaces. They use dots for dates, and I think the day comes first (or something like that) instead of the month, like what we use in the USA.

[kpc655]

CitiBank – No Questions Asked

 

" It seems that when productive industries or actual citizens are involved, money is hard to find and difficult questions are asked."

 

Citigroup has more employees then GM, Ford and Chrysler together.

Edited December 17, 2008 by kpc655

[NickF1011]

Citigroup has more employees then GM, Ford and Chrysler together.

 

Going by Fortune magazine, as of 2006, Citigroup had about 303,000 employees. As of the same time, GM had 335,000 and Ford had 300,000. Add in another 200,000 or so for Chrysler. Even assuming the Detroit 3 have cut their payrolls in half since only 2006, you're not anywhere close to more employees at Citigroup.

[suv_guy_19]

Going by Fortune magazine, as of 2006, Citigroup had about 303,000 employees. As of the same time, GM had 335,000 and Ford had 300,000. Add in another 200,000 or so for Chrysler. Even assuming the Detroit 3 have cut their payrolls in half since only 2006, you're not anywhere close to more employees at Citigroup.

 

 

Not to mention the suppliers of the big 3 and the entire cities that depend on them.

[kpc655]

Going by Fortune magazine, as of 2006, Citigroup had about 303,000 employees. As of the same time, GM had 335,000 and Ford had 300,000. Add in another 200,000 or so for Chrysler. Even assuming the Detroit 3 have cut their payrolls in half since only 2006, you're not anywhere close to more employees at Citigroup.

 

2006? it's almost 2009

 

As of early '09 GM had about 235k globally. Add in Ford and Chrysler and it's still less than 300k Globally. Even less domestically.

[NickF1011]

2006? it's almost 2009

 

As of early '09 GM had about 235k globally. Add in Ford and Chrysler and it's still less than 300k Globally. Even less domestically.

 

So you are contending that since 2006, Ford, GM, and Chrysler have lowered payrolls from approximately 750,000 to under 300,000? I severely doubt that. And that 303,000 number for CitiGroup in 2006 was their global employment, not just U.S. Citi hasn't exactly been expanding their payrolls over the past few years either.