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Tag: Citigroup


Flickr / stan

You Can’t Teach an Old Predatory Lender New Tricks

Like an abused spouse, America continues to stand by the banks, hoping they’ll change their ways. TARP funds were supposed to trickle down to the average taxpayer, but Congress is now investigating complaints that bailed-out banks such as Bank of America and Citigroup are jacking up interest rates and engaging in predatory lending.

Posted on Apr 13, 2009 READ MORE


A Repairman, Not a Revolutionary

Timothy Geithner has not been a good performer, but he does have a vision. He sees an improved Wall Street, though one not fundamentally different from what we have now.

Posted on Mar 23, 2009 READ MORE


Left, Right & Center

‘Left, Right & Center’: Obama’s Budget, Jindal’s Debut

Disagreement abounds on this week’s episode of “Left, Right & Center,” especially when it comes to President Obama’s budget plan and the origins of the economic crisis it’s intended to remedy. Who’s the moderator again? And is Bobby Jindal done for?

Posted on Feb 27, 2009 READ MORE


Obama speech
AP photo / Charles Dharapak

Getting Warmer

We are lucky to have Barack Obama as president. I write that even though I believe the content of his Tuesday evening speech deserved no more than a B+ / A-, for its failure to seriously address the origins of the banking crisis and for only hinting at the severe military budget cuts required to get close to his goal of reducing the federal deficit by the end of his first term.

Posted on Feb 25, 2009 READ MORE



Flickr / stan

Citigroup Wants a Bigger Bailout

Uncle Sam already gave Citigroup $45 billion and promised to limit the bank’s losses on $300 billion in troubled loans, but executives at the ailing bank are now reportedly asking the federal government to sweeten the deal. One scheme has Washington exchanging preferred stock for common stock.

Posted on Feb 22, 2009 READ MORE


Timothy Geithner
Wikimedia Commons / Presidencia de la NaciĆ³n Argentina

Senate Sends Geithner to Treasury

Timothy Geithner may be a tax dodger who helped funnel taxpayer funds to his banking buddies, but we need that kind of cunning right now. That’s the thinking on Capitol Hill, anyway. The Senate confirmed President Obama’s pick to head Treasury on Monday, over the grumbles of 34 senators.

Posted on Jan 26, 2009 READ MORE


money bags
0-60mag.com

Bailout a Boon for Bankers

So, the government forks over a ton of money to flailing banks and, naturally, their customers (i.e., taxpayers) might expect to gain something from this helpful transaction as well, right? Guess again, customers.

Posted on Jan 17, 2009 READ MORE


Citibank
pattisonsign.com

Citigroup Does the Splits

After receiving $45 billion from U.S. taxpayers just two months ago, Citibank’s much-maligned parent Citigroup will be no longer, as the financial giant announced in Solomon-style manner Friday that it will split itself into two, dividing the company’s traditional banking business— becoming Citicorp—and its riskier investment department—Citi Holdings.

Posted on Jan 16, 2009 READ MORE



marcelinopena.files.wordpress.com

Geithner’s Record of Failure

Forget that business with the maid whose work papers expired. The real scandal with Timothy Geithner, Barack Obama’s choice to head the Treasury Department, is his history of lax regulation—at least where his friends at Citigroup were concerned. ProPublica did some digging and found that Geithner’s New York Fed “eased the reins as the company blew billions. ...”

Posted on Jan 14, 2009 READ MORE


Rubin
treas.gov

Rubin Bows Out of Citigroup

Almost a year ago, Citigroup’s then-director Robert Rubin downplayed the enormity of the economic catastrophe headed our way and made a pre-emptive move to shift any potential blame to politicians instead of financial experts such as himself. Fast-forward to the present and the picture changes considerably.

Posted on Jan 9, 2009 READ MORE



Flickr / LoopZilla

Fed to Rescue Another Shaky Bank

What’s a hundred billion dollars between capitalists? The Fed and the Treasury are once again throwing good cash after bad business. This time the culprit is Citigroup, which could get bailed out—courtesy of you—to the tune of $100 billion. And with that, we’d like to announce that Truthdig is officially too big to fail. Update: Done deal.

Posted on Nov 23, 2008 READ MORE


Citigroup sign
marketplace.publicradio.org

When Losing $10 Billion Is a Relief

You know the economy is in trouble when investors and analysts are relieved that Citigroup lost only $9.83 billion in the last quarter of 2007. The banking giant managed to squeeze a few billion out of Abu Dhabi and Singapore, and will still pay a dividend on its stock, so for now the mood is upbeat.

Posted on Jan 15, 2008 READ MORE


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