US outrage over Citi loan to Dubai

So, my favorite part about the following article is the Citibank "official" saying that the money came from Citibank's "own funds" OWN FUNDS!?!?!?
Well Mr. Citibank official, here's a lesson. Money is FUNGIBLE.

fungible
Function: adjective
Etymology: New Latin fungibilis, from Latin fungi to perform — more at function
Date: 1818
1 : being of such a nature that one part or quantity may be replaced by another equal part or quantity in the satisfaction of an obligation
2 : interchangeable
3 : flexible 3
— fun·gi·bil·i·ty \ˌfən-jə-ˈbi-lə-tē\ noun

In other words Mr CB Official, if you take our money and put it in your account with your money, there's no telling if the dollars you have used for the loan to DUBAI are taxpayers or your own. Seeing as you're supposed to understand money and economic issues, I figured you'd know this. That's my mistake, though. After what has happened since last September I should know you're all a bunch of friggin useless morons.

The US public will be “outraged” by Citibank’s $8 billion loan to Dubai just six weeks after the bank was bailed out, US House of Representatives domestic policy subcommittee chair-man has said. Dennis Kucinich commented on the Dubai loan and other US banking investments as a congressional panel released a report that strongly questioned Citibank’s actions. The report, shown to 7DAYS, cites the Dubai loan as the largest of the “questionable transactions” by banks after the US government bailed them out. It notes that the loan to Dubai’s public sector came on December 14, just six weeks after the US government gave Citibank a $25 billion bail-out.

The report quotes Win Bischoof, then chairman of Citi, as saying the bank agreed to the Dubai loan because “we continue to place the Gulf region among our globally most significant markets”. The report also questions JP Morgan’s $1 billion investment in India and Bank of America’s $7 billion investment in China. “When the American people find that their tax dollars, which were supposed to be used to get us out of this financial crisis, are instead being used to ship jobs and investments overseas, there will be outrage,” Kucinich said. The report notes the loans were not illegal and that it is not known if they were directly funded by bail-out funds. A Citibank official was quoted at the time as saying the $8 billion came from the bank’s own funds and third party sources. The report was released as the committee prepares to question banking chiefs about their use of bail-out funds.


[edit on 30-11-2009 by really]

[edit on 30-11-2009 by really]

[edit on 1-12-2009 by really]

Originally posted by really
A Citibank official was quoted at the time as saying the $8 billion came from the bank’s own funds and third party sources. The report was released as the committee prepares to question banking chiefs about their use of bail-out funds.

There's a reason Bill Maher calls it "#tybank". I'm just wondering where the loot ends up...or was it never there because it's merely script?

reply to post by JohnnyCanuck


Mr Canuck, so glad you showed up. Always a pleasure to read your writing. Hahaa.
I know it, Bill is 100% on this one. As for whether the money is actually money, I have no idea. When you put every red cent on a computer and out there in the interwebz it sort of takes all the "reality" out of it, doesn't it?
Kind of gets you believing that there are a group of people out there just kind of making things up as it suits them, doesn't it?

American outrage? LMAO! I almost choked when I heard that. American outrage over anything is akin to getting up off the couch, grabbing a bag of potato chips, letting one or two f-bombs fly and then plopping his or her fat arse back down in front of the boob tube. There is no such thing as outrage in the average US citizen's vocabulary. In fact I doubt many Americans really even know what true rage is anymore. If we did we'd be out lynching members of congress or atleast tar and feathering them like in the good ol days. Nope, Americans are a bunch of nanny whiners these days. All they can do is bitch and complain and then they go back to their silly old ways.

reply to post by Zosynspiracy


Unfortunately, I have to agree. Even when we are outraged we express it in the properly legal way by marching in a circle (more like an oval or slightly rounded rectangle) in the appointed area.
Mmmm..... smell that freedom.

Wow! Really thought with what's going on with Dubai World that this would get a bigger reaction. Oh well....

I will be closing my last account with these pricks in the a.m..

Originally posted by Zosynspiracy
In fact I doubt many Americans really even know what true rage is anymore. If we did we'd be out lynching members of congress or atleast tar and feathering them like in the good ol days. Nope, Americans are a bunch of nanny whiners these days. All they can do is bitch and complain and then they go back to their silly old ways.

I posted a thread along these lines last week; Now that's JUSTICE! Demand the same for wall street.

Judging by the overwhelming response I got, I believe you hit the nail right on the head;

American outrage? LMAO! I almost choked when I heard that. American outrage over anything is akin to getting up off the couch, grabbing a bag of potato chips, letting one or two f-bombs fly and then plopping his or her fat arse back down in front of the boob tube. There is no such thing as outrage in the average US citizen's vocabulary.

[edit on 30-11-2009 by FortAnthem]

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