Welfare Kings
Posted by Jeff Pruitt - 2/23/09 @ 11:25 am - Filed Under National Politics
I am so f’in irate after reading this story:
Citigroup Inc. is in talks with federal officials that could result in the U.S. government substantially expanding its ownership of the struggling bank, according to people familiar with the situation.
While the discussions could fall apart, the government could wind up holding as much as 40% of Citigroup’s common stock. Bank executives hope the stake will be closer to 25%, these people said.
I don’t know where to begin - Citibank wants to convert the government’s $45 Billion worth of preferred stock into 40% worth of common stock. Here’s the problem. Citi’s market cap is $10 Billion so we’d be converting $45 Billion worth of preferred shares into $4 Billion of common - a massive $41 BILLION LOSS FOR TAXPAYERS. These guys are unbelievable.
Citi and the Department of Treasury are simply looting the treasury and Team Obama is either complicit or too stupid to figure it out…
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14 Responses to “Welfare Kings”
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eat cake….some tea & coffee please?
More is better!
Here’s your sign. Of course, JFK just happened to
have his brain blown apart. Commarades fall in line. Are you safe for speaking out. To bad we do not have a currency that we can count on!
New world order with all the elite.
http://www.facebook.com/ext/share.php?sid=51349473858&h=R5N3B&u=kbRq0
Jeff, one of the theories I heard discussed this afternoon was, that Geithners plan is to basically “buy” (”take ownership of” “nationalize” ..hell whatever term you want to use,) Citi, in order to liquidate it by selling off the good parts and absorbing and isolating the “toxic assets” or some such nonsense… The reason being no one can agree on the “value” of the “toxic” assets…
I don’t know if, as you say, Obama is complicit or too stupid to figure it out, but I’d bet it’s the latter.
Either way, we’re flushing an enormous amount of our money down the proverbial porcelain bowl for nothing.
Get it & understand,
Mr. Zank…smiles
Now Carry on…. just love…
ya Mass populus living well on my dollar, my kids
dollar and their children’s if they still have a
that option.
Jeff:
“Complicit or too stupid”.
Six of ONE, and a HALF DOZEN of the other works fine for me.
(guilty on BOTH counts)
;)
There is no reason to put more money into Citi, AIG, GM, or any of these failed companies.
We already put a bunch of money into them and they are back begging for more after 2-3 months. As I said back then they have wasted the money and there was no government oversight. None.
These companies are like drug addicts and the Government is the “dealer.
Mike
What drives me crazy is the double backlash: I’m a risk investor/private contract shareholder in companies? I thought free enterprise was the way to go. Now I have the government taking over business’s wiping out free enterprise & private shareholders and telling me it’s now Socialized.
Is our government headed towards Marxism?
This is against the Constitution. Governments are
not allowed to enter into private contracts and just take over.
This take-over by Congress/President is so wrong on so many levels.
Read the Constitution!
Hey Bobett, here’s a quote you may find interesting.
“Owners of capital will stimulate the working class to buy more and more of expensive goods, houses and technology, pushing them to take more and more expensive credits, until their debt becomes unbearable. The unpaid debt will lead to bankruptcy of banks, which will have to be nationalized, and the State will have to take the road which will eventually lead to communism.”
— Karl Marx, 1867, Das Kapital
Yes.. I already get it! It’s happened. It just takes the rest to catch up with us. Like in 5-10-15 years, they’ll be scratching their heads and wonder what the hell happened!
Tim/Bobett,
I don’t know who makes those things up but that is not an authentic Marx quote…
Tell me what is good about the government nationalizing private business to keep them afloat.
Let them fail. Free Enterprise is what makes America Free!
Tell me how we are not headed towards Socialism or
Marxism!
I’d love to know how what is going on is Constitutional. It’s wrong!
Bobett,
I was not addressing the merits of the quote. I just wanted to point out that it was not an actual Marx quote.
Nothing more.
Kind of you to point out what we do know.
Now pick apart the speeches/untruthes of our
Leaders in the Congress/House/President that
we no longer trust…no matter what party
they are affiliated with.
Our Politicians are liers/cheaters/and we need ballot referundum/term limits for the Congress & Senate just like our President.
Let’s have a referundum on huge budget issues before they are passed in the night, “By the People” . We need Change!
Tim…Smart Ass!