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'ponzi Scheme' At Citi

danarhea

danarhea

Slayer of the DP Newsbot
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Looks like the Madoff scandal is just the tip of the iceberg. Could it possibly be that massive 700 billion dollar bailout (of which Citi got a chunk) is a result? If so, then we are looking at merely band-aids here.

Folks, if it turns out that these ponzi schemes were part of the banking culture instead of isolated incidents, we are going to be in for not just a recession, but the Second Great Depression. We should have damn well learned from the first one.

Article is here.
 
There may be something fishy going on at Citibank but calling it a "a quasi-Ponzi scheme" is just meant to gather emotion from the Madoff situation.
 
NYP is just capitalizing on buzz words and sensationalism to get more traffic. Here's the actual meat of the article

However, Rubin and other top insiders were able to keep Citi shares afloat until they could cash out more than $150 million for themselves in "suspicious" stock sales "calculated to maximize the personal benefits from undisclosed inside information," the lawsuit said.
Click to expand...

Sounds like, if anything, the worst that happened was insider trading
 
Furthermore, I'd like to point out that it just says that there was a lawsuit filed against them. *I* could file a lawsuit against them if I wanted.

It doesn't say anything about a federal investigation or any arrests. For that matter, it doesn't even say that the lawsuit has been resolved in favor of the plaintiffs. As usual, the tabloid New York Post is just scandal-mongering.
 
The NYP is one step above the NE and Murdoch is losing a mint on it.
 
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