Out of Control
 

Just read the announcement of the additional government bailout of Citigroup
out of the TARP money.

Is it just me, or is this whole thing getting totally out of control?

I get a kick out of the wording of the statement. Quoting a couple of
parts:

"With these transactions, the U.S. government is taking the actions
necessary to strengthen the financial system and protect U.S. taxpayers and
the U.S. economy," the three agencies said in a statement issued late Sunday
night. "We will continue to use all of our resources to preserve the
strength of our banking institutions, and promote the process of repair and
recovery and to manage risks."

Isn't it taxpayer's resources being used? What's this "our resources"
stuff?

Then, the Citi's chief executive officer, Vikram Pandit says, "We
appreciate the tremendous effort by the government to assure market
stability."

Shouldn't he be thanking the American taxpayers?



Congress should reconvene immediately and put a halt to the TARP program.
The banana heads running it are loose cannons, operating on their own and
should be fired.
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.
Tossing billions of dollars to any company that comes along and cries for
help isn't the solution.

Eisboch (frustrated American taxpayer)

Out of Control
 

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



Just read the announcement of the additional government bailout of Citigroup
out of the TARP money.

Is it just me, or is this whole thing getting totally out of control?

I get a kick out of the wording of the statement. Quoting a couple of
parts:

"With these transactions, the U.S. government is taking the actions
necessary to strengthen the financial system and protect U.S. taxpayers and
the U.S. economy," the three agencies said in a statement issued late Sunday
night. "We will continue to use all of our resources to preserve the
strength of our banking institutions, and promote the process of repair and
recovery and to manage risks."

Isn't it taxpayer's resources being used? What's this "our resources"
stuff?

Then, the Citi's chief executive officer, Vikram Pandit says, "We
appreciate the tremendous effort by the government to assure market
stability."

Shouldn't he be thanking the American taxpayers?



Congress should reconvene immediately and put a halt to the TARP program.
The banana heads running it are loose cannons, operating on their own and
should be fired.
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.
Tossing billions of dollars to any company that comes along and cries for
help isn't the solution.

Eisboch (frustrated American taxpayer)

It's as if the banks gave all the whores credit cards they never have to
repay and they refuse to service the public. Who would have guessed.

Out of Control
 

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


Congress should reconvene immediately and put a halt to the TARP
program. The banana heads running it are loose cannons, operating on
their own and should be fired.
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. Tossing
billions of dollars to any company that comes along and cries for help
isn't the solution.

If the Great Depression happened today, it's cost has been estimated at
somewhere north of $30 trillion. An economic collapse, would be even
more. Both scenarios are still quite possible. I don't like bailing out
incompetent greedy *******s, but I like breadlines even less.

Out of Control
 

wrote in message
t...
On Mon, 24 Nov 2008 03:50:38 -0500, Eisboch wrote:


Congress should reconvene immediately and put a halt to the TARP
program. The banana heads running it are loose cannons, operating on
their own and should be fired.
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. Tossing
billions of dollars to any company that comes along and cries for help
isn't the solution.

If the Great Depression happened today, it's cost has been estimated at
somewhere north of $30 trillion. An economic collapse, would be even
more. Both scenarios are still quite possible. I don't like bailing out
incompetent greedy *******s, but I like breadlines even less.

I would feel much more comfortable if another team were calling the shots.
These guys are too connected with Wall Street.

Eisboch

Out of Control
 

On Mon, 24 Nov 2008 06:00:19 -0500, Eisboch wrote:


I would feel much more comfortable if another team were calling the
shots. These guys are too connected with Wall Street.

That, I can't argue with. I'd also feel more comfortable, if with the
money, new management of these companies was put in place. With all of
these disasters, I've heard very few mea culpas from these executives.
Can you say denial?

Out of Control
 

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.

Out of Control
 

On Mon, 24 Nov 2008 04:58:40 -0600, wrote:

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


Congress should reconvene immediately and put a halt to the TARP
program. The banana heads running it are loose cannons, operating on
their own and should be fired.
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. Tossing
billions of dollars to any company that comes along and cries for help
isn't the solution.

If the Great Depression happened today, it's cost has been estimated at
somewhere north of $30 trillion. An economic collapse, would be even
more. Both scenarios are still quite possible. I don't like bailing out
incompetent greedy *******s, but I like breadlines even less.

As I pointed out to Eisboch, the greedy *******s are Robert Rubin and
Dick Parsons.

And we all know where they came from don't we? :)

Out of Control
 

"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

Out of Control
 

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. :)

Out of Control
 

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.