So we've all the heard the news by now that Citigroup needs an immediate infusion of cash to avoid going down the toilet. You and me and out neighbors are going to provide them that cash and also assume 90% of any losses over $29 billion, sky's the limit thereafter. Not good my friends.
But, that's not my rant. My rant is:wasn't this the same Citigroup that was going to buy and thus "bailout" Wachovia (with govt help)? And when Wells Fargo made a better, all-private deal, Citigroup cried foul and sued or threatened to sue Wells?
My question is are they that clueless? I mean, just about a month ago they were looking to swallow up a large bank and assume its losses, today they themselves need rescuing! What, they didn't see it coming? There is no way you can not know that in month you might need desparate, live saving help adn thus shouldn't go on a spending spree. So, in my book, our banking titans are either completely, 100% clueless or they don't give a rat's heiney and are completely, 100% reckless. I'm just not sure which is worse.
We're in for a very, very long ride I'm afraid.
But, that's not my rant. My rant is:wasn't this the same Citigroup that was going to buy and thus "bailout" Wachovia (with govt help)? And when Wells Fargo made a better, all-private deal, Citigroup cried foul and sued or threatened to sue Wells?
My question is are they that clueless? I mean, just about a month ago they were looking to swallow up a large bank and assume its losses, today they themselves need rescuing! What, they didn't see it coming? There is no way you can not know that in month you might need desparate, live saving help adn thus shouldn't go on a spending spree. So, in my book, our banking titans are either completely, 100% clueless or they don't give a rat's heiney and are completely, 100% reckless. I'm just not sure which is worse.
We're in for a very, very long ride I'm afraid.
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