Citi doesn't need more government capital: Parsons

Reuters ^ | March 12, 2009 | John Poirier and Diane Bartz

[cdchik123]

WASHINGTON (Reuters) - Citigroup Inc Chairman Richard Parsons said on Thursday that the bank does not need any more capital injections from the government and expressed confidence that Citi would remain in private hands.

Asked in an interview with Reuters whether Citigroup needed additional government capital injections, Parsons said: "No, I think actually, particularly with the latest conversion... Citi is actually one of the better capitalized banks in the world."

Parsons was speaking on the sidelines of a Business Roundtable event where President Barack Obama addressed business executives.

The Citigroup leader also brushed aside any prospect of the U.S. government nationalizing the bank.

"I don't think the administration is heading in that direction," Parsons said. "But I have a lot of confidence in the future viability and strength of a privately held Citi."

[Orange1998]

Was Citi telling the truth on the first bailout or now. No to both I would think.

[nameless-fool]

Until they need it again

[blackbart.223]

"Was Citi telling the truth on the first bailout or now. No to both I would think."

These guys are catching a lot of heat from customers and investors for acting like cheap whores. Well expensive whore comes closer but a whore is a whore.

[remaxagnt]

this is garbage no way! these banks are insolvent. they are so over exposed. funny how all these companies came out today citi,gm,bank of america. i guess obama is letting them cook there books now. what a joke. anyone that knows economics know that these are flat out lies! dont fall for it.

[rgr]

Arab own 25% of this bank ,thanks America

[Glenn]

for acting like cheap whores

Until they get the government off their backs, there is no pot of gold.

They are acting in their own self interest.

[blackbart.223]

"funny how all these companies came out today citi,gm,bank of america."

The bank problem is closely linked to foolish government policy. Bank Of America was providing credit to illegal aliens on the hope when that defaulted they would count on The FDIC would bail them out. The FDIC is backed by taxpayers who now find themselves in a tight spot. I'm one of them. There are a lot of people who belong in prison over all of this.

[ex-Texan]

Uh, er, uh . . . Freaking nuts !

Ron Paul: Culprits Of Financial Collapse Should Be Arrested !

Excerpt:

The Congressman has two bills before Congress, one to abolish the Fed altogether and another to audit the organization.

“Today they’re protected, they’re in total secrecy and they’re protected by the law - if 1207 is passed we have an audit and they have to answer the questions and I figure, if we ever get that far and get the exposure and get the transparency that we need then people will wake up and realize, why do we have them at all,” said Paul. * * *

I heartily agree. Those dip-shi'ites at CitiBank and the Fed that created this crisis ought to be arrested. Not rewarded with Golden Parachutes, stock options and million dollar salaries.

[blackbart.223]

"They are acting in their own self interest."

To paraphrase The Godfather "Good luck with your business so long as your interests don't come into conflict with mine". The problem is their interests did come into conflict with mine and a great many other peoples.

[Professional]

C, like other banks are making a spread vs deposits right now, that is enormous. They retain virtually all earnings on deposits. And when you have hundreds of billions on deposits, that is quite a bit of money. Liabilities are nightmares, but big paychecks help.

Most people do not understand why the liabilities are nightmares. Trust me, it isn’t bad loans, the real problem has been the inefficient pricing mechanism used to value current assets. Today, congress all but decided to revise mark to market, and create a more realistic model. When this is done, I’d estimate that financial will bring nothing less than a TRILLION dollars back to the balance sheet.

I’m sure nobody will bother to carefully read what I just wrote, but what I’m talking about is the oil that breaks the machine running again. As the machine starts up again, credit will happen again, financial assets owned by investors will rise significantly, namely debt instruments, and those instruments are in their books too, and so on, and so on...

This market, wasn’t so much about a recession, as it was illiquidity. Today, finally congress showed they’ll do the right thing. While they are about 6-9 months late, it is going to fix this mess.

And afterwards, all the idiots of this world will praise....Obama. And he had nothing to do with it.

[douginthearmy]

I’m sure nobody will bother to carefully read what I just wrote,

I read it. Carefully. Twice. But I still have absolutely no idea what you are talking about. I don't understand how any of this financial stuff works, but then neither does Congress nor evidently the Fed, the banks or Wall Street.

[Free Vulcan]

And now they don’t need it. I’m starting to think we’re all getting played on the ‘financial crisis’.

[M. Espinola]

Notice how all of a sudden Obama is declaring the same economic crisis he badgered the American public with at every media opportunity is ..'not as bad as we think'.. when some weeks back Obama was stating close to a trillion (more) dollars was desperately required, in order to prevent [banking contributors] from collapsing, like Citibank.

"Well Bob, don't worry, we will assist your bank and you."