Monday, November 24, 2008

AND THE BEAT (AS IN BEAT-DOWN OF THE AMERICAN CITIZEN) GOES ON, PART II

Citibank joins the growing list of failing American companies that YOU are bailing out. Gee, you're sooooo generous! And so nice of you to work over the weekend to get this baby done by late Sunday night. I mean, imagine if the American people had to spend a weekday thinking about this, debating it, speaking to their representatives and all that stupid democracy shit.

This one sees YOU insuring about $300 billion of the idiotic, irresponsible, gar-bage investments that Citigroup made, plus a straight-out float of $20 billion in TARP money.

This Citigroup disaster is partly Robert Rubin's doing, for all those keeping score at home. And who is one of Rubin's proteges, you might ask? (If you're not asking, you should be. It's your money at work here). Why none other than Tim Geithner, your soon-to-be Treasury Secretary.

The same Geithner who worked over the weekend with such luminaries as Hank Paulson & Ben Bernanke to let this latest boondoggle go down. More of the same . . . and lots more to come.

Next in line for a bailout: G.M.; G.E.; the G8; the city of Pittsburgh; Romania; the Detroit Lions; a loose consortium of failed businessmen named either John, Fred, or Peter; every third bank, determined by a series of coin tosses and dice rolls . . .

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12 Comments:

Blogger Toast said...

I think the Lions are too much of a risky, mis-managed mess for even these guys to touch.

7:34 AM  
Blogger Mike said...

No, a "mis-managed mess" is Requirement No. 1 for bailout money. The Lions fit it to a T.

Problem is, they fail Requirements 2 & 3: they're not connected to the Wall St. honchos that matter or their apparatchiks (Paulson, Geithner, Barney Frank, Rob Rubin, etc.). And, of course, they're not "too big to fail."

(Now, if only they had a new, publicly-financed stadium, that'd be a different story.)

7:45 AM  
Blogger DCup said...

Well, I am definitely part of the problem and part of the solution. We're giving Citi back our house since their version of "working with their borrows" includes telling them they can't help them until they bring their property out of default with the punchline that once the borrower figures out how to bring the property out of default, Citi tells them there's no need for renegotiation or better yet - hey, we'll call you back. They never return calls.

Three months later we're handing them the keys. They can mow the acre.

But they do get our tax dollars so they can afford to hire the Walker brothers to keep the lawn from growing over.

What a mess.

9:32 AM  
Blogger Smitty said...

the Detroit Lions

Damn. Toast beat me to the punch on that one.

I think it's hilarious that the feds won't help the car companies, and thus thus hundreds of thousands of jobs and businesses attached to those companies (citing "bad bizness decisions) but they keep jumping on helping the big financial companies who made such great decisions.

And yea for Obama's Treaz Sec'y. How....cozy?

9:51 AM  
Blogger DED said...

Gee, it gets better with each passing day.

9:43 PM  
Blogger Mike said...

DCup, whatever course you choose, I hope this works out for you. Has to be tough on the kids.

7:06 AM  
Anonymous wfta said...

Sorry not to engage this week. Had to take a day off to play golf while I could still afford it.

Happy Thanksgiving.

10:16 AM  
Blogger Smitty said...

Happy Thanksgiving, Mike!

2:15 PM  
Blogger Mike said...

Happy Thanksgiving to you guys. Enjoy!

5:29 PM  
Blogger Agi said...

I'd bail out Detroit's NFL franchise before I'd even consider doing the same for their automakers.

Happy Thanksgiving!

10:19 AM  
Blogger DED said...

A belated "Happy Thanksgiving" in return.

5:56 PM  
Blogger Mr Furious said...

Of all of Obama's appointments, it's Geithner that I'm most skeptical of...

12:49 AM  

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