Citigroup keeps trying to convince the world (and themselves) that they are ‘well capatilized’, yet the Government is prepared to announce the third bailout of the company.
Some reports say the announcement of the third bailout of Citigroup may come as early as today. While details of the plan remain clouded one thing is firmly clear in my mind… Citigroup is another disaster for this nation.
From the WSJ:
In a recent phone call with a senior government official, Citigroup Inc. Chief Executive Vikram Pandit revealed who’s on top in the new world of American finance.
“Don’t give up on us,” Mr. Pandit said, pleading with the official not to push out top management. “Give us a chance to execute.”
Don’t give up on us? YOU and your predecessors had your chance and you screwed up big time. It is long past due for you Mr. Pandit to step down. And it is time to stop the bailouts.
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Pandit and other distroyed the bank.
Don’t give up on us,†Mr. Pandit said, pleading with the official not to push out top management. “Give us a chance to execute (the taxpayer).â€