Comments are closed for this entry
View All
Favorites
Recency  | 
Popularity
Page:  « First  ‹ Previous  2 3 4 5 6  Next ›  Last »  (6 total)
photo
HamletsMill
All Myth is Astronomy
06:56 AM on 02/27/2009
We have been here before. It is deja vu all over again. This time we have to get it right.

STUDY CONGRESSMAN C. AUGUST LINDBERGH'S 1912 BOOK
http://books.google.com/books?id=B9IZAAAAYAAJ

The writing in on the wall. Obama has 90 days to take the steps that are necessary:

(1) Ditch Geithner.

(2) Ditch Summers.

(3) Give Nouriel Roubini, Joseph Stiglitz, and James Galbraith total access to the Presidents's Blackberry.

(4) Nationalize all the NY zombie banks "too big to fail". The stockholders lose everything and the top management is fired in a nice Austrian School one-stop-shopping bullet to the head.

(5) Declare all Naked Credit Default Swaps involved with these now nationalized banks both as "protection sellers" and "protection buyers" completely illegal and all now null and void. All bets are now off. Everyone loses everything in retribution for recklesness.

(6) Nationalize the Federal Reserve. The 300 year experiment of the Bank of England fractional reserve banking system for private gain is over. Only the U.S. Government can now create money out of thin air and pay interest to no one. The new system of credit is to loan money to the real economy of Main Street and not the paper money empires of speculators and financial gambling casino operators.

STUDY ELLEN BROWN
http://www.youtube.com/watch?v=QU0XiklHPMc
06:51 AM on 02/27/2009
They need to bring in Directors who run banks with sound polices, that didn't get into the toxic mortgages, don't rip off depositors or credit card users, make sure executives get reasonable pay and benefits and redo mortgages. Citi ought to be broken up, be allowed to suspend payments or contracts for advertising, marketing and for the naming rights to the baseball Mets field for PR reasons. If 'we' the citizens of the USA own or at least control this bank, I want them to be run as cheaply as possible and returned to being an efficently run bank.
06:47 AM on 02/27/2009
With all the failures out there, why is no one talking about the CEOs, board members and other executives paying back their salaries and bonuses, because it is now obvious they were NOT doing their jobs of vetting their own investment instruments!
photo
HUFFPOST COMMUNITY MODERATOR
rampage
06:50 AM on 02/27/2009
It would be illega;l
This user has chosen to opt out of the Badges program
photo
begabug
it's a long story.
06:54 AM on 02/27/2009
i'd just like to see one of them pack up there personal items in a cardboard box and be escorted off the premises by security.
This user has chosen to opt out of the Badges program
photo
whatsthatsound
ferret in a beret
07:00 AM on 02/27/2009
You may NOT return to your desk, you may NOT speak to anyone on your way out, you may NOT move your eyeballs from side to side as you walk toward the elevator......
photo
Faraja
Greed is Good
06:31 AM on 02/27/2009
U.S is becoming a socialist country. What’s wrong with Free Market Capitalism? Citi is on a permanent life support now and nothing will change. Government intervention is not going to help anything. The only solution is to pull the plug!
06:38 AM on 02/27/2009
S crew Capitalism and free markets.

Socialism is better.
07:37 AM on 02/27/2009
eatshitanddie
This user has chosen to opt out of the Badges program
photo
08:15 AM on 02/27/2009
We need BOTH Capitalism AND Socialism in our Democratic America. It's not an either/or choice.

Either/OR leads to extremes either way. We are now suffering an economic crisis as a result of EXTREME unfettered Capitalistic greed only.

Capitalism HAS to be tempered and BALANCED with Social Conscious in order for it to be a win/win great Nation for every one. Only OUR Government can manage and affect that for us. That's why we elect Representitives...to "Represent" ALL of OUR interests.

That is also why a "Fair" market approach, vs. a "Free" market approach is nessasary.
This user has chosen to opt out of the Badges program
photo
begabug
it's a long story.
06:42 AM on 02/27/2009
consumption was once used as a pathological term for a wasting disease. in this case, unfettered "free market" capitalism would be the vector warrenting a dose of socialism for medicinal purposes.
06:22 AM on 02/27/2009
Cool!!

If we estimate the assets of Citigroup at 1.1 Trillion (per Bloomberg)..

& divide it by the population of the United States (303,824,640) ...

& multiply that by 0.40 (40%)..

that gives each citizen a WHOPPING $14,482.04 equity in CitiCorp!

WhooooHOOOO!!!!

We're RICH!
06:32 AM on 02/27/2009
Yay! I want to cash in my share!
photo
HUFFPOST COMMUNITY MODERATOR
rampage
06:38 AM on 02/27/2009
For some of the tradesman who work for me 14k is a lot of $$$$
06:45 AM on 02/27/2009
It's a lot to ME as well!
06:49 AM on 02/27/2009
It is a lot of money to me too...
06:09 AM on 02/27/2009
Shake up the board? GET RID OF THE BOARD. GET RID OF ALL OF THE GREEDY SELF INTEREST BANK ROBBERS WORKING AT EVERY LARGE BANK before they get a dime.
photo
HUFFPOST COMMUNITY MODERATOR
peacekitten
primum non nocere.
06:37 AM on 02/27/2009
why they haven't made the ceo walk the plank baffles me. shake up the board for sure, but feed this guy to the sharks. even AFTER citibank started getting bailout money, he turned right around and acquired, for a mere $10 BILLION dollars, yet ANOTHER shaky mortgage institution.

house cleaning should be the first order of business for every organization that's getting federal money, starting at the top.
photo
HUFFPOST COMMUNITY MODERATOR
rampage
06:43 AM on 02/27/2009
I've been shouting that from the first TARP bill.
How on earth does it make sense to let the same j o k e r s
who ran these companies into the ground continue being
employed?
It's extremely frustrating
photo
HUFFPOST COMMUNITY MODERATOR
abby4ever
06:01 AM on 02/27/2009
Off-topic

I just heard on the news that the Japanese economy plunged 10 % in just one month. Good grief.
06:12 AM on 02/27/2009
Hang on to your hat, abby... we're in for a rollercoaster for a while... but have no fear.

In the end, the world will be better off & YOUR generation (god bless you) will become the harbingers of the next renaissance.

The world is experiencing a paradigm shift not seen since the industrial revolution... & we're lucky enough to have leaders such as Barack Obama who have the foresight & the STRENGTH to guide it.

The best IS yet to come.
photo
HUFFPOST COMMUNITY MODERATOR
abby4ever
06:20 AM on 02/27/2009
Ok.

And here's the hat I will hang onto, you have seen it before but it's so smashing it's hard to 'overwear' the thing, it's my zulu hat:

>>>###>:)

Heh.
photo
HUFFPOST COMMUNITY MODERATOR
peacekitten
primum non nocere.
06:16 AM on 02/27/2009
people tend to forget the whole concept that real wealth is finite. that's the reason a government can't just go printing money willy nilly. pretty soon it becomes worthless.

japan, like us, is learning its lesson about "outsourcing." have you ever noticed how many things with the sony name on them are "made in china" these days?

china is having a helluva time controlling its roller coaster too, only it is unwilling to admit it to anyone. their economy has been growing at astronomical rates that were abnormal and wholly unsustainable.

obama is very rightly finally calling the hedge fund managers on their b.s. too. i'll bet there's more than a few of them sitting in their gilded castles throwing things at his picture right now.
photo
HUFFPOST COMMUNITY MODERATOR
abby4ever
06:30 AM on 02/27/2009
Hi peace.

Well, they are about to start printing willy nilly over here unless they can get some of these banks under control. RBS just posted a 26 billion pound losss that was NOT on the books, even as a hint, when they snatched a 26 billion pound payout from the govt 15 weeks ago. What a coincidence. The two amounts are identical. They didn't want the govt to know how bad off they were because if it did, it might consider RBS too unhealthy a bank to even receive a bailout in the first place. Boy, did they ever fiddle the books. HBOS also reported staggering losses, in the billions, and is also guilty of dishonesty.

These banks: they just stand around cap in hand, begging for taxpayer money, most are on their second bailout and STILL they won't pass much on to the consumer and STILL they pad their wallets with bonuses so huge they make your eyes pop right out of your head.

I might become a cynic about the world if this kind of thing doesn't stop, this awful greed and dishonesty,...and then whining and begging. I am too young to be a cynic, I want to remain an idealist.
06:41 AM on 02/27/2009
Outsourcing is not the problem.

This is a global economy.
HUFFPOST SUPER USER
kassandrasduplex
05:49 AM on 02/27/2009
that's "unlimited"
I cannot type on this tiny laptop!
photo
HUFFPOST COMMUNITY MODERATOR
abby4ever
05:53 AM on 02/27/2009
LOL!!!
photo
HUFFPOST COMMUNITY MODERATOR
peacekitten
primum non nocere.
05:56 AM on 02/27/2009
actually, describing his salary as "kited" is probably closer to the truth that it appears at first......

; )
HUFFPOST SUPER USER
kassandrasduplex
05:48 AM on 02/27/2009
Does anyone know if Pandit's pay is capped at $500K or only his bonuses tied to a third his annual unlimkited salary?
Anybody seen this?
http://blogs.wsj.com/health/2009/02/26/obama-budget-cuts-medicare-advantage-helps-generic-biotech/
Best thing I've read in a longggggg time. Hope it's fer real.
HUFFPOST COMMUNITY MODERATOR
exeye
05:45 AM on 02/27/2009
Well young'uns, I'm off to a movie and some undeserved rest.

Hang in there, "The times, they are a'changin'"
photo
HUFFPOST COMMUNITY MODERATOR
abby4ever
05:48 AM on 02/27/2009
'See ya, exe, and thanks for the great posts (and the lesson in economics!).


>>>###>:)
photo
HUFFPOST COMMUNITY MODERATOR
peacekitten
primum non nocere.
05:54 AM on 02/27/2009
g'nite. i'm trying to post a response to you below, but the word gremlins are displeased with something. maybe it will show up at some point.
photo
HUFFPOST COMMUNITY MODERATOR
peacekitten
primum non nocere.
05:55 AM on 02/27/2009
looks like you got two for the price of one!

sorry!

enjoy your movie!
photo
HUFFPOST SUPER USER
PhilipTaylor
SEARCH FOR: POLITICS QUICKER THAN ANYWHERE ELSE!
05:33 AM on 02/27/2009
Stress tests are useless against the sub-prime problems!

The entire business was premised on a massive l i e -- that fraudulent, toxic nonprime mortgage loans were virtually risk-free. The l i e was so blatant that the banks even pooled loans that were known in the trade as "l i a r's loans" and obtained AAA ratings despite FBI w ar nings that mortgage fraud was "ep1demic."
photo
HUFFPOST SUPER USER
PhilipTaylor
SEARCH FOR: POLITICS QUICKER THAN ANYWHERE ELSE!
05:35 AM on 02/27/2009
FBI has been warning of an "epidemic" of mortgage fraud since September 2004. It also reports that lenders initiated 80% of these frauds, "control fraud" by the Bank using accounting! Control frauds cause greater financial losses than all other forms of property crime. Control fraud epidemics can arise when financial deregulation and de-supervision and perverse compensation systems create a "criminogenic environment" The Best Way to Rob a Bank is to Own One. Black 2005. (Big Money Crime. Calavita, Pontell & Tillman 1997.)

The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence. To understand the crisis we have to focus on how the mortgage fraud epidemic produced widespread accounting fraud.
photo
HUFFPOST COMMUNITY MODERATOR
peacekitten
primum non nocere.
05:42 AM on 02/27/2009
like i said below, start with those ratings houses. they made boatloads of money out of their scam, and they still have it. those bonds could only have been sold at a premium if they were given high ratings they didn't deserve. and that's exactly what happened.
This user has chosen to opt out of the Badges program
photo
08:57 AM on 02/27/2009
People. Right now...WE the tax payers ARE effectively THE BANK!
WE ARE the "collective" LENDING INSTITUTION.
They, "Corporations".... are coming to US and asking for US to INVEST in their PRIVATE Corporations...with OUR collective tax dollars.
OUR Government is managing this TRANSACTION, with the Corporations, with OUR tax dollars, on OUR behalf. OUR Government represents THE PEOPLE. Our Representitives...no taxation without REPRESENTATION...are working for We The People. That is the way it is CONSTITUTIONALLY supposed to be.... and IS.

We need to "think" differently. Wrap our minds around this in a BUSINESS way.
photo
HUFFPOST COMMUNITY MODERATOR
abby4ever
04:55 AM on 02/27/2009
"The move is one of the most drastic steps federal officials have taken to prevent the collapse of an institution deemed “too big too fail,” as its downfall could send shockwaves through the global markets."

If Citigroup's downfall 'could send shockwaves through the global markets' that could only be because it is finanacially tied to banks outside the United States.

Many banks today are like this and it is the 'globalization' of the banking system that makes it impossible to isolate and contain the failure of a single bank. Where that banks fails, another bank it is tied to in another country, may fail; and sometimes, that second bank will be tied to a third bank in a third country that may fail if the second banks fails. Therefore, there is no way to stop the r o t.

Imo, the big problem with actually nationalizing Citibank is that it's hard to nationalize a bank that has in some way gone INTERnational; too many other govts in too many other countries, are involved and want their say. And what they want may differ from what the U.S. govt wants.

One poster a few days ago (sorry I can't remember the moniker) said that Sweden in the 90's had done very well nationalizing some of its banks and this could be a model for banks in America. Yes, but were the Swedish banks tangled up, globally, as American and British (and French and German et al) banks are today?
HUFFPOST COMMUNITY MODERATOR
exeye
05:03 AM on 02/27/2009
Hi Abbey.

Part of the nationalization process would be to divest the "bank" itself of any other functions, like investment houses, etc. They could also divest themselves of any ownership in foreign banks that might cause a conflict of interest. If the foriegn bank is shaky, itself, well this may sound hard--hearted, but then they become THAT country's problem.

We need to get OUR banks back to being saving and lending institutions that are completely American.

I could go off about foreign ownership of corporate media, but that's for another thread. :-)
photo
HUFFPOST COMMUNITY MODERATOR
abby4ever
05:10 AM on 02/27/2009
Your post is interesting, I don't mind if you go off some more. As will be obvious from my post, economics is not my strong point (to put it charitably!). I was just stating what seemed obvious as a problem, at least to me; and now you have said how that could be fixed. Thanks.
05:23 AM on 02/27/2009
Hi
I'm not "up" on my bank knowledge either.
But here's my question in regards to being "tied to/with other foreign banks".

How can a bank (of ours)cut away completely from its entrenched 'global reach',
if its ties are so deeply rooted someway or somehow to places like.........China????

What if what WE want is NOT in their best interest?
photo
HUFFPOST COMMUNITY MODERATOR
peacekitten
primum non nocere.
05:18 AM on 02/27/2009
a short time back, about a month or so, citibank itself actually tossed around the possibility of voluntarily breaking itself up. obviously, they chose not to.

i'll be interested to see who ends up on their "independent" board of directors.

as far as their "toxic assets" go, i'll also be interested to see what if anything is said or done about the role played in the mess by rating houses such as moody's and standard and poor's. those two are probably the most egregious offenders in giving fraudulent ratings to the securities made up of those shaky mortgages, specifically to facilitate their sale at a huge profit to unsuspecting investors.

there are several aspects of "american" industry that quite frankly, exist in their current incarnations because of a government willing to ignore its own antitrust laws and repeal any other legislation they found might stand in the way of profit. anyone can set themselves up as a "bank" these days. just look at general electric and general motors.

the financial industry, media conglomerates and the energy industry would be excellent places to start "trust busting."
HUFFPOST COMMUNITY MODERATOR
exeye
05:25 AM on 02/27/2009
Hi Peace.

I think what you're talking about is coming down the pipe, it's just going to take a while. The mood has been there for a long time within the Democratic party, but we haven't had this much of a majority in so long that it's just simmered on the back burner. I think that, before Obama et al are done, there's going to be a real turn-around in how business, industry, and finance are allowed to conduct themselves.

Keeping my fingers crossed, at least.
04:35 AM on 02/27/2009
If you look at the numbers on salarylist.com and incometaxlist.com , you can see the country looks stagnant in the past few years. And all these bank mess will only increase our chance of failure. I feel the pressure of future uncertainty is so big now. Big bank like citi can go down this road, how about GM, how about government?
03:40 AM on 02/27/2009
New rules. No more wheel chairs, oxygen bottles and nurses to hold up the hands for geriatric members allowed in the Board Room.
photo
HUFFPOST SUPER USER
take10
03:37 AM on 02/27/2009
Those who are in charge of taxpayers money have decided to buy Citi Group at twice the closing price. Are they out of their minds? Putting taxpayers at risk for 40% when they could have made a deal for what the stock is actually worth is a sign that there is no end in sight. Citi has raised its rates on the consumer to over 20% while they pay 0% and our government invests billions which don't even come back to us as loans. Go figure! If that isn't bad enough, Citi's CEO is still in charge. Everyone who owes a debt to these crooks should stop paying. The heck with bad credit! You can't get a loan anyway. The taxes we pay are going to the banks and they have nothing in place to make give it back. No one is looking out for the little people. Today's Robbinhood steals from the poor and gives to the rich.
03:47 AM on 02/27/2009
" Today's Robbin hood steals from the poor and gives to the rich."

Describes the Repuglies, as well.
This user has chosen to opt out of the Badges program
06:09 AM on 02/27/2009
The Citi CEO took over in late 2007, well after the mess hit the fan. There's no real point in getting rid of him, since he wasn't really involved in initiating the chicanery. Its like getting rid of your most experienced employee after Enron was looted. Plus, his contract probably has wicked "parachute" clauses. Nope, the two CEOs responsible for this were Charles Prince & Sandy Weill, and they are already gone.