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Monday, November 24, 2008

MORE billions for Citibank?

MORE billions for Citibank? Aren't these the guys who had become healthy enough to bid for Wachovia a few weeks back? Where will it end?

Are we just throwing good money down a hole? Evidently, to judge from this news story from The Onion:


In The Know: Should The Government Stop Dumping Money Into A Giant Hole?

2 comments:

  1. my initial thought upon hearing about Citibank's potential bankrupcy was, Yipee! this will cancel out the small fortune's worth of debt I have stored up on my trusty Citi-card... right?

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  2. movie_buff, I refer you to this story, from Matthew Chapter 18:

    23"Therefore, the kingdom of heaven [USA] is like a king [Treasury Secretary] who wanted to settle accounts with his servants. 24As he began the settlement, a man [Citibank] who owed him ten thousand talents[$800 billion] was brought to him. 25Since he was not able to pay, the master ordered that he and his [trophy] wife and his children and all that he had be sold to repay the debt. [Chapter 11]

    26"The servant [Citibank] fell on his knees before him. 'Be patient with me,' he begged, 'and I will pay back everything.' 27The servant's master took pity on him, canceled the debt and let him go. [federal bailout]

    28"But when that servant went out, he found one of his fellow servants [that would be you, movie_buff] who owed him a hundred denarii.[dollars] He grabbed him and began to choke him. 'Pay back what you owe me!' he demanded.

    29"His fellow servant fell to his knees and begged him, 'Be patient with me, and I will pay you back.' [and hey, how about cutting me better refinancing terms?]

    30"But he [Citibank] refused. Instead, he went off and had the man [you] thrown into prison until he could pay the debt.

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