This is beyond pathetic.
In an act of monumental folly, the U.S. government is throwing the Vikram Pandit-led Citigroup a $306 billion lifeline following the collapse of its shares last week.
This is on top of the $25 billion the government has already put into Citigroup under the TARP (Troubled asset Relief Program) initiative.
The plan essentially screws U.S. taxpayers for the greed and follies of the Citigroup swines.
Under the Shittygroup rescue plan, the U.S. will guarantee crappy assets of $306 billion (with Citigroup bearing the first $29 billion in losses)and invest an additional $20 billion in the troubled financial institution.
The crappy assets of Citigroup are mostly residential and commercial real estate loans and associated hedges.
And what do U.S. taxpayers get in return for the $306 billion bailout? Warrants to buy shares in this shitty bank.
We wouldn’t be surprised if future historians determine that this egregious bailout was prompted by the heavy stakes held by Middle East investors in Citigroup.
Just in case you thought that with the latest $306 bailout all is well and fine at Citigroup, you couldn’t be more wrong. Remember, Shittygroup has $1.23 trillion of ‘assets‘ in entities not on the bank’s balance sheet.
The U.S. did not bail out the auto industry blaming mismanagement and lack of a clear plan from Detroit.
As if the scumbags on Wall Street have a plan. And mismanagement is more rampant at U.S. financial institutions than in any other sector of American business.
Congress did not bail out the auto industry because those involved are primarily workers (remember, the unions supported Obama and the Plutocrat Republicans hate unions).
The $306 billion bailout of Shittygroup is beyond disgusting. Just not Capitalism.