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JCMach1's Journal
Posted by JCMach1 in General Discussion (1/22-2007 thru 12/14/2010)
Mon Dec 15th 2008, 12:48 AM
This one is going to really make you angry. Within the last month, the "federal government agreed Sunday to take unprecedented steps to stabilize Citigroup Inc. by moving to guarantee close to $300 billion in troubled assets weighing on the bank's books, according to people familiar with details of the plan.

Treasury has agreed to inject an additional $20 billion in capital into CITI"...http://seekingalpha.com/article/107514-cit...

So, just another bank bailout... nothing to see here move right along...

The real insulting part of this is that today it was announced that the government of Dubai had received 8 Billion in funding from CITI:

Citigroup Incorporated has arranged more than $8 billion (Dh29.3 billion) finance for various Dubai government entities in recent months, the global banking group said.

"This is in line with our commitment to the UAE market in general, and reflects our positive outlook on Dubai in particular," said Citi's chairman, Sir Win Bischoff in a statement.

Officials familiar with Citi's recent deals with Dubai entities said the amount is an aggregate of about half a dozen deals Citi did with Dubai's public sector entities during the past few months.

"We continue to place the Gulf region among our globally most significant markets, and we certainly see opportunities across all of the UAE's financial sectors. In the last 2 years, we've participated in most major financing transactions across the region including the UAE... http://gulfnews.com/business/Banking_and_F...

So, CITI has been giving taxpayer money directly to Dubai. No doubt those are some real sweetheart deals they are getting!
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