It was announced today that now Citi is going to pay back $20 Billion of the est. $40 billion they borrowed from the TARP fund when they were on the verge of collapse.
Funny how that happens. Isn’t it compensation time? You know, the end of the year when compensation discussions are in full swing and the big bonus’s are paid out. If you were running the show at Citi, guess you wouldn’t want Obama and the rest involved in your compensation discussions now would you.
What a shame. Here was an opportunity to fix something that was way out of control: additional protection and oversight, and a bit more control over some risky asset and business practices.
Instead we’ve got a bunch of selfish control mongering leaders all opting to fortify their camp and defend their position at the expense of capitalism and the American dream. What’s worse? A money grabbing Corporation or a Power grabbing Politician? Just goes to show they’re in it together.
Loved a piece someone wrote:
“They are consumed with insanity and are all “too large to fail.” The essence of monopoly is lack of competition and efficiency, riddled with graft, corruption and ineptitude. Having slashed the workers wages and outsourced the rest to India to grow the next quarter by a half a point, they are shockingly behind in customer service! WHO WOULD’VE SEEN THAT COMING!
This administration and Dem congress has allowed all these bloated shee-yot bags to buy out all the competitors who threatened them to actually have to improve their products.” Read it.
Pro Publica coined it’s mantra as “journalism in the public interest”.
What do you think?
Who wins, and who loses? And who foots the bill?