WTF News: US$300 Billion Bailout For Citigroup?
Was listening to the radio a few days back and there was news on the US Federal Reserves providing a US$300 billion bailout to Citigroup. This is the sort of news that makes you do a double take and think WTF?!
Mind you, government backed bailouts isn’t a new phenomenon. In Malaysia, it’s a story we’ve heard repeated numerous times over the years. We’ve laughed every time there’s news on Government Linked Company bailout funded by Petronas’ deep coffers. But seriously, this bailout takes the cake.
It’s interesting to hear that the US government is going out on a limb to guarantee US$300 billion in debt and pledging to pump in an additional US$20 billion into the ailing financial giant. The debt is huge and it’s a hole that Citigroup knowingly dug and walked into. I wonder where the additional funds will flow to. Paying off some sky high 24 month contractual bonus to the bank executives perhaps? As we head into the final mile of the year, I would like to send out a big thank you to all the financial executives out there who have collectively contributed to the present global financial crisis. Thanks for nothing.
I’m sure we’ll all suffer from the crisis but for some odd reason, I’m tempted to lean back and take a good laugh at America.
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» WTF News: US$300 Billion Bailout For Citigroup? Said,
November 28, 2008 @ 2:16 pm
[…] Debt Consolidation News wrote an interesting post today onHere’s a quick excerpt Was listening to the radio a few days back and there was news on the US Federal Reserves providing a US$300 billion bailout to Citigroup. This is the sort of news that makes you do a double take and think WTF?! Mind you, government backed bailouts isn’t a new phenomenon. In Malaysia, it’s a story we’ve heard repeated numerous times over the years. We’ve laughed every time there’s news on Government Linked Company bailout funded by Petronas’ deep coffers. But seriously, this bailout takes the c […]
financial news | NBA.COM Said,
November 30, 2008 @ 4:54 pm
[…] WTF News: US$300 Billion Bailout For Citigroup? Was listening to the radio a few days back and there was news on the US Federal Reserves providing a US$300 billion bailout to Citigroup. This is the sort of news that makes you do a double take and think WTF?! Mind you, government backed bailouts isn’t a new phenomenon. In Malaysia, it’s a story … […]