Monday, June 15, 2009

The Common Good According To Citi

June 15, 2009 11:55AM
Citigroup and the World Bank Illuminati are stealing our money

Citigroup has taken in tens of billions of dollars in direct welfare infusions from TARP in order to make payroll and keep the lights turned on. Vikram Pandit, the CEO who’s also the guy who started a hedge fund using money fronted from giant investment banks like Citigroup and sold the start up hedge fund to Citigroup so that it could risk and lose its depositors money in the stock market, had to come back and beg for more just-for-Citi money from taxpayer largesse since Citigroup did indeed risk and lose every cent their depositors, lenders and shareholders had given them.
And now Citigroup wants to take the money they’ve begged to have confiscated from the private market and funnel it to the most IMF-politically-connected people who “run” companies in developing nations around the world. We don’t have enough welfare money in this country to feed hungry kids in the projects a few blocks away from Citigroup’s headquarters…but apparently, we have enough welfare money in this country for corrupt bureaucracies and politicians in other countries to plunder as they pretend that redistributed money is “Intended to stimulate the growth of trade in the emerging markets over a three-year timeframe, this funding is expected to support estimated trade flows of up to $7.5 billion (through the origination of $1.25 billion six times over during the three-year period)”
The money at Citigroup is supposed to be depositors’ savings lent out to companies and individuals whom Citigroup thinks will pay them back. The government’s supposed to make sure everybody involved in that doesn’t lie, cheat or steal. That’s how money flows where it’s most needed and markets are created and prosperity built.
Instead, the US government has confiscated taxpayer money and given it to fraudulent management at Citigroup and Citigroup’s now taking that confiscated taxpayer money and telling us that it will only lend that money out to those can properly work the World Bank system.
Virtuous cycles create growth and prosperity and can only be created, by definition, on virtuous terms and with profit to fuel them. There’s nothing virtuous about Citigroup’s newfound politically-motivated and politically-CONTROLLED policies and actions.
And the billions of people in the emerging countries who aren’t politically-connected enough to get their hands on all that confiscated money coming into their countries won’t benefit from the endlessly vicious cycle of politically-driven markets either.
Even if these policies at Citigroup were to generate earnings for the company, the company has NO RIGHT to the profiteering they are doing with all this taxpayer largesse they have begged for.
Don’t we want Citigroup to deal with its insolvency and sold off in pieces to private co’s asap once and for all?
And what’s good for Citigroup is NO LONGER what’s good for the United States “public good” and we have to change that.

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