View Poll Results: Should the US be funding the IMF?

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    5 15.15%
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Thread: Should the Financially Strapped US Be Funding the IMF?

  1. #41
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    Re: Should the Financially Strapped US Be Funding the IMF?

    Quote Originally Posted by obvious Child View Post
    Citibank CRA loans never ever even came close to a single normal loan issued by the IMF.

    Remember that total CRA loans in aggregate for the entire country never at any time exceeded $20 billion. Mexico got $50 billion during its 1995 crisis.
    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.
    Last edited by akyron; 06-04-09 at 11:46 PM.
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  2. #42
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    Re: Should the Financially Strapped US Be Funding the IMF?

    Not sure what was the point of that post. Citibank is suffering from a variety of problems. One, it's too big to manage efficiently, two it's trying to be a one stop financial shop but provides inferior services opposed to financials that offer a few really good services. Three, it got involved into subprime which is different from CRA. Remember if EVERY single CRA loan went bad at the same time, it would not even materially compare to the total amount of subprime loans given out that were not required by legislation. Fourth, Citibank was more or less doing what Enron was doing with its SPVs and the debts on those SPVs came back to bite Citibank in the butt. Fifth, Citibank offered lines of credit way back when to companies that are now in trouble. They are legally obligated to provide those lines of credit even though the chance of getting that money back is slim, thus the losses on those lines have been quite massive.

    Lack of foresight, bad management, bad decisions and essentially bad accounting are screwing them.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  3. #43
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    Re: Should the Financially Strapped US Be Funding the IMF?

    Quote Originally Posted by obvious Child View Post
    Not sure what was the point of that post. Citibank is suffering from a variety of problems.

    Lack of foresight, bad management, bad decisions and essentially bad accounting are screwing them.

    It is not too big to manage efficiently. Crappy managers dont have much luck managing efficiently period...especially hamstrung by being forced to make crappy loans.

    Cut the head off this snake and bring in some aces.

    A "run" on the bank was inevitable with massive corrupt (Franks) government interference.
    Last edited by akyron; 06-06-09 at 11:39 PM.
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  4. #44
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    Re: Should the Financially Strapped US Be Funding the IMF?

    Quote Originally Posted by akyron View Post
    It is not too big to manage efficiently.
    Given their restructure plan, it does appear to be.

    Crappy managers dont have much luck managing efficiently period
    At a certain size, all endeavors become too hard to effectively focus on specific goals that make that company function well. Citi has appeared to hit that point.

    especially hamstrung by being forced to make crappy loans.
    This does not make sense. Citibanks's loans are well into the hundreds of billions of dollars. Even if Citibank had made all of the CRA loans, their loss allowances could easily cover all of them if they all went bad. The CRA loans are nothing more then a scapegoat. The sheer lack of size in CRA makes them for most purposes, immaterially. When losses on banks in aggregate approach high triple digit billions, $20 billion is chump change.

    Citi needs to refocus on what it does well and forget the rest. The one stop financial shop model does not appear to work well and Citi needs to recognize that and abandon it. That and come clean about its SPVs.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  5. #45
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    Re: Should the Financially Strapped US Be Funding the IMF?

    I hear the Trends Research Institute predicts a depression in 2012.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)

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