Friday, November 21, 2008

Should The American People Be On The Hook To Bail Out Citigroup?

Citigroup is going to fire a bunch of people, but it's looking like their executives will soon be up on Capitol Hill with their tin cups in hand, begging for some of the 700 billion bailout money that Hank Paulson has to play with. I say before they get a dime someone needs to ask how many struggling mortgage holders, credit card holders, and student loan customers they have ever given a break?

I doubt they have any that they have not destroyed their credit or harassed with collection calls first. I say too bad! Let them sell off pieces of their business, let them re-structure their business, or let them go under. What's good for the goose is good for the gander.

8 comments:

wisdomteachesme November 21, 2008 at 11:18 AM  

hey prof!

i look at the citi corp suits just as i do the auto corp'sAnd the financial corp's---if they are offering up their workers in a (sympathetic pulling on our heart strings)- plea for billions of more bailout $ now--i want to know if these worker's lives and livelihood is so important--howcome, the suits didn't do something before all this to help their workers?

So, Only Now are the suits concerned about the families of their workers???

smoke and mirrors!
all of it needs to be restructed--should have been done a long time ago--but now they have no choice but to re-structure their personal and business ethics.

it is a shame that so many have to suffer from the decisions made by a few--
If i worked for any of these corp's, and knew about the impending closure--i'd be out right now looking for another job or a retirement package from the bosses.

Mista Jaycee November 21, 2008 at 2:50 PM  

Here! Here! Well said!
Jaycee

Faith November 21, 2008 at 2:55 PM  

At least the Feds are going to extend unemployment benefits but that's pennies compared to this crap. What the hell happened? The costs of the fake war, the fake stocks and speculation. How is Obama supposed to fix in a matter of months what took 8 years to destroy? This just makes me soooo angry!!!

Siditty November 21, 2008 at 10:28 PM  

They wanted laissez faire government regulation and to let the free market rule. Well let the free market rule. The government should be protecting people, not corporations.

TD1016 November 22, 2008 at 4:51 AM  

As someone who has student loans with them I just wanna know this... If you (Citicorp) get bailed out, can I be bailed out of my student loans?? It was worth a try.

@ Faith. I don't think most Americans in their right minds are expecting Obama to completely fix this crisis in a 4 year term. He's even stated that it probably won't be fixed in that time. The most his administration/congress can do is try to put some ease to it.

page November 22, 2008 at 6:34 AM  

Let me seeee bail out Citi - how about HELL to the KNAWWWWWWWWWW. Less than 30 days ago it was going to buy Wachovia for penny's on the dollar and this week they are broke. Bite me. Bite me. BITE ME! They still have a bizillon dollar law suit against wachovia and wells fargo. Let some other bank buy them since their stock fell 27% thursday. Banks are buying other banks with the bail out money anyway... .instead of fixing all these bad mortage securities.

Were they not in the room with paulson when he was giving out money 2 months ago and said show up and take the money it may not be offered again???

Professor Tracey November 22, 2008 at 11:43 AM  

TD1016 and anyone else with student loans with Citibank - want to send them letter asking them to "bundle" our student loans together for pennies on the dollar? think they'll take it?

oregonsistah November 22, 2008 at 7:54 PM  

my daughter got a credit card with them her first year of college without my knowledge for $3,000, Of course, she couldn't afford it. They were relentless!!! I ended up negotiating a settlement, but they were really ugly. I have no mercy. My girlfriend works for them and she will find out next week if she is going to be laid off. It's sad. She left IBM after 10 years and hads only been at Citigroup less than a year...

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