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Thread: Citigroup to repay $20 billion in bailout funds

  1. #1
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    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.

    http://www.msnbc.msn.com/id/34412816...s-us_business/

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    Senior Member Steve Amrein's Avatar
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    Just in time for Chrismas bonus's
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    Senior Member BrianW's Avatar
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    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
    http://www.msnbc.msn.com/id/33306135...ness-earnings/
    http://www.nytimes.com/2009/10/16/business/16citi.html

    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."
    Rand Paul CPAC speech 2011

    I would rather be exposed to the inconveniences attending too much liberty than to those attending too small a degree of it. Thomas Jefferson to Archibald Stuart, 1791
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