Welcome to the New Nationalized Citibank!

Nationalizing banks on paper seems like a reasonably ok idea except right now the taxpayers are on the hook not only for the losses generated by the big banks, but also to keep paying boom-era salaries that were only possible because of phony accounting that assigned ridiculously high values to sub-prime assets and resultant fake profits. Nationalizing the banks and putting bank employees on the same salary schedule as the U.S. Treasury Department appears to be more affordable.

Of course, then we get back to the risk of whether the government could be even more incompetent at running these institutions than their former management.

Here is what you could expect...WARNING STRONG LANGUAGE! enjoy.

reply to post by CaptGizmo


Capt Gizmo

C is not a govt. entity, they own 41% (or 42% cant remember) of C through preferred share conversion (at some point) if any infact, the conversion has not even taken place yet.

reply to post by GreenBicMan

You realize this was in jest don't you? I know it has not happened....Yet......it is a possible future though.

Oh, I dont know brother, I didnt watch the video my CPU overheats lol

I am just letting you know..

It will prob happen though unless things turn around here in the short term (which could possibly happen) - and if it did, the stock market of course would be in full rally mode (that is accounting for a lot of positive things from now till then )

I follow C pretty closely though.. pretty interesting story

Thats a pretty funny video ....

yet...

Sad

We need a GM version of that video.

Thanks for the post!

How many other versions will we have in a year?

Isn't CitiBank owned by India?

Or don't hey have a controlling interest of something.

I read something about this but I can't remember where.

Maybe that senility is starting to creep in.

the sooner the banks get nationalized the sooner the economy is not starved for credit.......i.e i think nationalized banks would lend in this enviornment (since polticians want to put money into people's hand's ...whch = happier voters).....the private banks will do what will make them money.....and lending right now in this enviornment makes little sense...........IF the banks are not nationalized the deflation trend will continue.......even if oil prices are the exception.......If the banks are nationalized then perhaps a new bubble could be attempted (but it would blow up and leave us right where we are now) because we have to extinguish the debt first



[edit on 31-5-2009 by cpdaman]

Originally posted by NightSkyeB4Dawn

Isn't CitiBank owned by India?

Or don't hey have a controlling interest of something.

I read something about this but I can't remember where.

Maybe that senility is starting to creep in.

No, you are incorrect, Im not sure what you are referring to..

The CEO could be from India though.. Vikram Pandit?

Originally posted by GreenBicMan

Originally posted by NightSkyeB4Dawn

Isn't CitiBank owned by India?

Or don't hey have a controlling interest of something.

I read something about this but I can't remember where.

Maybe that senility is starting to creep in.

No, you are incorrect, Im not sure what you are referring to..

The CEO could be from India though.. Vikram Pandit?

Yep, Vikram Bandit.

Folks, just keep depositing.

Don't you mean Victim Pandit? He is clueless and he has been used.