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February 23, 2009 5:13 PM
Time to nationalize Citibank
Citibank is floating bits and pieces of its likely request for us (that is, the taxpayers represented by the Treasury Department) to give current management and current shareholders (which include billionaires from several other countries) a truly sweet deal. In effect, they want us to turn in our more valuable preferred shares (already bought at too high a price) and get in return common shares priced at several times what they are worth. And then turn around and give them billions more.
Why? All to avoid us owning more than 50% of the bank.
This is one of those proposals that does not pass the laugh test, but will probably be taken seriously in some circles. The sooner it is rejected the better.
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Discussion
Nationalize a bank, eh? Isn't that something like the approach that Japan took right before they experienced their "Lost Decade"? But, of course, other countries' screwups doesn't mean that we'll suffer the same problem if we do the exact same thing, right?
Nationalize? Are you kidding? Let 'em go belly up and rebuild like the "common man" is having to do! The common folks deserve something from the crooks at the top and foreclosure for Citi sounds just about right!
Nationalize? Are you kidding? Let 'em go belly up and rebuild like the "common man" is having to do! The common folks deserve something from the crooks at the top and foreclosure for Citi sounds just about right!
I tihnk I rather like you, Donna. Chapter 11 is good for the soul, especailly for the corporate one.
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