The bailout will never end.
These are the same greedy folks, who will turn their noses up to us in a hot minute, but need our tax payers money now.
Again, who is in charge of regulating this bailout money? It sure is easy to just give money the money away.
Citigroup executives presented a plan to federal officials on Friday evening after a weeklong plunge in the company’s share price threatened to engulf other big banks. In tense, around-the-clock negotiations that stretched through the weekend, it became clear that the crisis of confidence had to be defused now or the financial markets could plunge further.
Whether this latest rescue plan will help calm the markets is uncertain, given the stress in the financial system caused by losses at Citigroup and other banks. Each previous government effort initially seemed to reassure investors, leading to optimism that the banking system had steadied. But those hopes faded as the economic outlook worsened, raising worries that more bank loans were turning sour.
Yes, as I have been writing way back in the day, remember WAMU? I said, there were more to come, and Citibank is not the only bank who will be running to the Treasury Department with its hands out.
“It’s been one announcement after another that has had substance, but not enough teeth,” Charles R. Geisst, a financial historian and professor at Manhattan College. “By intervening, they are giving the market some heart to temporarily stave off some fear — but you can only push that so much.”
That is the major point.
This is just a temporary fix. Which means, the bleeding continues.
Read more, here.
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