Citibank Bailout: $300 Billion Doesn't Sound Like A Lot Anymore
"The Wall Street Journal reports that Citibank (C) has become the latest recipient of a government bailout - this one to the tune of $300 billion, or thereabouts, depending upon how you do the math which, in this case, appears to be quite complicated."
Citibank Bailout May Leave You Holding the Bag in More Ways Than One
"it was Citigroup's 1998 lobbying efforts, as reported by Open Secrets, that paved the way for banks to get involved in other forms of business such as insurance. Citibank lobbyists were also front and center when bankruptcy reform was discussed, and consumers currently hoping for Chapter 7 relief know how much more difficult this process has become."
Feds step deeper into Citi bailout
"The new deal Friday did not give the bank any additional taxpayer dollars. But the government is taking on a greater risk by assuming more volatile common shares. The market price is well below the $3.25 per-share conversion price the government is paying.
Taxpayers will also lose roughly $2 billion in dividends, because the preferred shares they are giving up paid 8% dividends. Citi suspended its common stock dividend as part of the agreement."
Citi Jet Purchase: $50 Million, 12-Seat Plane Despite $45 Billion Bailout
"The New York Post's Jennifer Keil and Chuck Bennett reported in Monday's paper that Citigroup, which has received $45 billion in government bailout funds, is about to upgrade to a new $50 million, twelve-seat corporate jet.
The plane, the Dassault Falcon 7X, is a luxurious jet with a range of 5,950 nautical miles (meaning it can fly from New York to all of Europe and South America, as far east as Riyadh, and as far west as Honolulu or Petropavlovsk, Russia). The Post reports it has "plush interior with leather seats, sofas and a customizable entertainment center."
The Dassault website describes the wide, generously appointed cabin, but says the "the airplane's most welcome feature may be Dassault's breakthrough environmental system." It touts "quieting acoustics" and advanced temperature monitoring that contribute to a more comfortable passenger experience."
The trick is the imf and the fed are key players in helping the US government "gift" these "failing banks"(I dont buy that for a minute) tons of cash which they turn around and loan back to the US on interest.
Old school Usury. They used to hang people for that.
Before the US puts any more money out on these hairbrained schemes an independent comprehensive audit(How they will find someone like that I wonder) should be performed on the Federal reserve and the IMF and a couple of others money organizations.