On Mon, 24 Nov 2008 03:50:38 -0500, "Eisboch"
wrote:

IMO, there is an overreaction taking place, led by a bunch of ex-wall street
suits that have a very narrow view factor of the overall problem. Calmer
heads should take over. Let things settle a bit.

I agree with this in concept, but the problem is that Citigroup, your
one stop banking center, is, in fact and without qualification, too
big to fail. The interesting thing is that it's only 20 billion out
of the TARP for capital injection - the key is backing the 350 billion
in "toxic" assets - which is what the Feds should have done in the
first place.

Tossing billions of dollars to any company that comes along and cries for
help isn't the solution.

Well, if you want to assign blame, look no further than Robert Rubin
and Dick Parsons both high on the Obama economic team. They were
largely responsible for Sandy Wiel and Chuck Prince taking on all the
risk and making Citi much too big. Vikram Pandit was a victim of this,
not the perp.

As a side note, I find it really interesting that most of Obama's team
is/are recycled Clinton administration players.

"Tom Francis - SWSports" wrote in
message ...

I agree with this in concept, but the problem is that Citigroup, your
one stop banking center, is, in fact and without qualification, too
big to fail. The interesting thing is that it's only 20 billion out
of the TARP for capital injection - the key is backing the 350 billion
in "toxic" assets - which is what the Feds should have done in the
first place.



Listening a little more carefully this morning, it appears the new $20B is
coming straight from the Treasury, via FDIC. This is in addition to $25B
that had already been bailed via TARP.

I don't profess to understand any of this. It's way over my head. But, I
have a funny feeling that those in charge of the taxpayer's money don't
understand it either and are in way over their heads.

Congress demanded transparency and oversight of the issuance of these funds.
The official oversight person has still not been appointed. Why isn't
Congress oversighting? I know why.
"Didn't happen on my watch", "not our job".

Merry Christmas and Happy Holidays. Ho, Ho, Ho.

Eisboch

On Mon, 24 Nov 2008 06:41:14 -0500, "Eisboch"
wrote:


"Tom Francis - SWSports" wrote in
message ...

I agree with this in concept, but the problem is that Citigroup, your
one stop banking center, is, in fact and without qualification, too
big to fail. The interesting thing is that it's only 20 billion out
of the TARP for capital injection - the key is backing the 350 billion
in "toxic" assets - which is what the Feds should have done in the
first place.



Listening a little more carefully this morning, it appears the new $20B is
coming straight from the Treasury, via FDIC. This is in addition to $25B
that had already been bailed via TARP.

I don't profess to understand any of this. It's way over my head. But, I
have a funny feeling that those in charge of the taxpayer's money don't
understand it either and are in way over their heads.

Congress demanded transparency and oversight of the issuance of these funds.
The official oversight person has still not been appointed. Why isn't
Congress oversighting? I know why.
"Didn't happen on my watch", "not our job".

Merry Christmas and Happy Holidays. Ho, Ho, Ho.

These are the times were money is made by those who are smart enough
to use their capital wisely. I'm selectively back in after a few
years of being out and so far, it's worked well.

I'm still keeping most of my powder dry, but so far, so good.

It's just another way of playing with numbers. :)

On Mon, 24 Nov 2008 11:37:00 GMT, Tom Francis - SWSports
wrote:

Well, if you want to assign blame, look no further than Robert Rubin
and Dick Parsons both high on the Obama economic team. They were
largely responsible for Sandy Wiel and Chuck Prince taking on all the
risk and making Citi much too big. Vikram Pandit was a victim of this,
not the perp.

Actually it goes all the way back to Sandy Weill. He's the one who
got Citi started down the sub-prime lending road with the acquisition
of Associates First Capital in September of 2000.