Citigroup to repay $20 billion in bailout funds
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Thread: Citigroup to repay $20 billion in bailout funds

  1. #1
    Join Date
    Nov 2003
    Port St. Lucie, Fl

    Default Citigroup to repay $20 billion in bailout funds

    NEW YORK - Citigroup said Monday it is repaying $20 billion in public bailout money, freeing the banking giant from the close scrutiny and pay restrictions that came with the rescue program. The government will also sell its stake in the company.

    By approving the repayment, the government is saying Citi is on strong enough financial footing to stand on its own. It's a far cry from the situation at the beginning of the year, when some analysts were saying Citi could fail completely and be taken over by the government.
    The news comes just days after Bank of America Corp. said it would repay the $45 billion in bailout money it had received. San Francisco-based Wells Fargo & Co. is now the last national bank that has yet to pay back its bailout money. Most other major commercial and investment banks including JPMorgan Chase & Co., Morgan Stanley and Goldman Sachs have already repaid the government.

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  3. #2
    Senior Member Steve Amrein's Avatar
    Join Date
    Jun 2004
    St. Peters, MO


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  4. #3
    Senior Member BrianW's Avatar
    Join Date
    May 2005
    Athol, North Idaho


    So to me, this says a few things;

    One, that the experts & analysts were wrong (yet again) about the actual situation (quote from NYT story below) "What is more, the bank seems to be months, if not longer, away from being healthy enough to start repaying the $45 billion it received in federal assistance."

    That because the banks didn't listen to the government and loan the money out that they were forced to take, but invested it instead, they were able to make enough money to again report surging profits

    That the banks know more about how to run a bank than the government. Surprise, surprise.
    Citi was able to figure out how to turn a $3.2 B loss in the 3rd quarter (10/16/09) into the ability to pay back $20B within 2 months. (?!?)

    Do ya think it's any wonder the bank CEO's are not exactly thrilled about the sweeping financial regulatory reform package that the administration is currently trying to push through Congress?
    "It's not that government is inherently stupid, although that's a debatable question."
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