Getting Warmer

Robert Scheer / Truthdig Feb 25, 2009 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. Dig deeper ( 3 Min. Read )

Citigroup Wants a Bigger Bailout

Staff / Truthdig Feb 23, 2009 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. Dig deeper ( 1 Min. Read )

Senate Sends Geithner to Treasury

Staff / Truthdig Jan 27, 2009 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. Dig deeper ( 1 Min. Read )

Bailout a Boon for Bankers

Staff / Truthdig Jan 18, 2009 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. Dig deeper ( 1 Min. Read )

Citigroup Does the Splits

Staff / Truthdig Jan 16, 2009 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. Dig deeper ( 1 Min. Read )

Geithner’s Record of Failure

Staff / Truthdig Jan 15, 2009 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 ". Dig deeper ( 1 Min. Read )

Rubin Bows Out of Citigroup

Staff / Truthdig Jan 10, 2009 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. Dig deeper ( 1 Min. Read )

Fed to Rescue Another Shaky Bank

Staff / Truthdig Nov 24, 2008 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. Dig deeper ( 1 Min. Read )

When Losing $10 Billion Is a Relief

Staff / Truthdig Jan 15, 2008 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. Dig deeper ( 1 Min. Read )