Posted on 11/25/2008 3:49:36 PM PST by Bokababe
NEW YORK, Nov 25 (Reuters) - Two of New York's four major daily newspapers slammed the board of Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) on Tuesday, with a New York Post editorial calling for all of the directors to be removed and the Wall Street Journal saying most of them did not deserve to remain.
The day after the government stepped in to rescue the New York-based bank with an injection of $20 billion and a plan to shoulder most of the potential losses on $306 billion of toxic assets, the New York Post said that "they need to go."
(Excerpt) Read more at reuters.com ...
hell its all ‘Citi’ with an ‘S’ with me....I’m a Yankee fan.
Orange jumpsuits and shackles for the New Year.
Pardon me, but if all of these Credit Default Swaps are “off the balance sheet” what damage can occur to the balance sheet if they are allowed to go to zero?
I’m not particularly of a financial mind, but accounting rules have meaning and, perhaps, I’m missing the meaning of “Balance Sheet” Or is it that they are really on the balance sheet in a disguised way?
If so, I’d say “too bad, so sad”.
Thanks, Guys.
I’d add Chris Dodd and Barney Frank to that list.
Both the Post and Journal are being kind - some would rather the directors be lined up against a wall and shot.
Struggling Banks Paid President Clinton $2.1 million for ‘Speeches’
Wonder if they put that on a credit card that we just paid the balance on, "plus interest"?
The Money Masters - How International Bankers Gained Control of America
http://video.google.com/videoplay?docid=-515319560256183936&hl=en
Those banks were getting something - I wonder...
I guess they forgot to change a few light bulbs.
The CEO should be fired, and the Directors should be forced to resign as a condition of a $300,000,000,000.00 bailout.
That they continue to work after losing that much money is a disgrace.
SHAME!!!
Why not EVERYONE in Congress and the White House?!
Robert Rubin should be bounced, but if he departs from Citibank he will score a high level Federal position in the Obama White House and inflict more damage on the American and global economy.
who the blank cares what the NYTimes wants? Now, the wal street journal is another story
One would have hoped the Feds ponying up the money for among other things, the naming rights to the METS’ new ball park [to the tune of 20 mill] would have made their removal [if not execution] a condition of the loan. Taxpayers parading with torches and pitchforks would also have been nice.
Here is another company that should be in bankruptcy reorganization, more political patronage. I understand iras would be complicated in a bankruptcy but this can be worked out and modification of bankruptcy laws would give reid and pelosi something to do and keep them off of the streets causing trouble and giving away more money. I would trust a company that emerges from bankruptcy far more to do business with than one that emerges from a congressional bailout. At least you do know in bankruptcy, there is only so much crap to contend with and the plan was studied and put into effect. With a bailout, you can still give them all of this money and then can still wind up screwing us by going bankrupt straight up liquidation still in the end. It would have been far cheaper to do a bankruptcy reorganization and more ethical and honest as well. Sure bankruptcy leaves a bad taste in everyone’s mouth but in today’s world, I would trust a bankrupt company following a reorganization plan that has been blessed by a judge far more than this congressional fools When does the bailout madness stop? The congressional fools should be working on the bankruptcy laws and stop wasting money that won’t solve the problem. I am at the point that anyone who voted for bailouts or immigration amnesty without stopping chain migration and lottery visas and drive through anchor babies won’t get my vote next time, no matter what the party or who they are. I am also at the point of boycotting the bailout companies and only doing business with companies who went through bankruptcy reorganization.
6 months ago I was at a seminar and Rubin was a keynote. Questions were allowed to be asked but when asked, if they were about citi or the markets, the bozo would inturrupt and try to change the subject. Rubin finally got frustrated and said that for years he was warning about risk but no one would listen. He was geting paid $20 mill by citi but no one at citi listened and no one listened.
The next speaker was NEWt, he was full of it too.
Let’s not forget Charlie Rangel and the LA congressman Jefferson, still going along their merry way.
The congress is becoming a haven for crooks and charlatans.
Well, kind of. Credit Default Swaps are in essence the same as a guarantee, a CONTINGENT liability.They have no effect unless there is a default. As they are not direct liabilities they do not appear on the balance sheet of a bank but are foot noted (in the tedious dialogue inthe back of the financials).
If in fact the credit default swap is balanced, i.e., the risk is covered properly on both sides of the transaction, there is really no risk.However, if the bank has been gaming and has unbalanced their swaps to make more money betting on one side or the other, then look out.
Chairman of Citi “ Bob Rubin†The designer of the CRA rule change that started all this. In 2004 his dumbass statement we put poor people in houses without costing the taxpayers a dime. REALLY . AS one insider on Wall Street put it: If GM, Chrysler and Ford want the money just hire a ex Goldman Exexctive.
We can dream. But Paulson didn’t strongarm his way into Bossdom to put his cronies out of work.
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