The US is guaranteeing $ 306 Billion on bad investments and injecting a fresh $ 20 Billion on top of the $ 25 Billion already alloted to CITI from the $ 700 Billion Bailout Plan that was passed last October. Definitely a great deal for CITI but a terrible one for the American taxpayers. These idiots in CITI that bought a third of a trillion dollars worth of junk got paid largely for it. Dividend payment has been restricted to 1 % per quarter for 3 years. If you look at the deal, there's really no protection for the taxpayers. Makes you wish its already January 20 and oath taking time. Unfortunately, from today till then Bush and Paulson have enough time to wipe out the Treasury's $ 350 Billion war chest without congressional approval. Personally, I think George W is just bailing out his Saudi Arabian buddies with this deal.
Detroit vs. Wall Street
The Big 3 in Detroit needs several weeks of begging and bus loads of lobbyists for a chance in getting a $ 25 Billion bailout from the US Government. They say that this is not global problem but if the Big 3 defaults on their CDO's then there will be a $ 1.2 Trillion tailspin in the credit default market.
Wall Street needs no begging since they have a much more efficient deliver mechanism. They get their people in the appointed financial positions in government and lobby afterwards for cover.
Detroit vs. Wall Street
The Big 3 in Detroit needs several weeks of begging and bus loads of lobbyists for a chance in getting a $ 25 Billion bailout from the US Government. They say that this is not global problem but if the Big 3 defaults on their CDO's then there will be a $ 1.2 Trillion tailspin in the credit default market.
Wall Street needs no begging since they have a much more efficient deliver mechanism. They get their people in the appointed financial positions in government and lobby afterwards for cover.
