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Why did congressional drilling like this not occur BEFORE the Wall Street bailout? Everyone was all worried as to weather or not the bailout was gonna work, but no one actually put any regulations in the bailout bill that would insure that it would work. Now, everyone is up in arms, but it's all a bunch of spilt milk as far as I can see. The CEO's will get a little embarrased, and then go home with the money they still have.
You guys are WRONG! Here we have a congressman trying to make points with the public but is clearly having his ass handed to him by the well-informed president of Citigroup. The agreement in question could clearly be seen as an insurance policy. The major questionable aspect was the value of the bank's bad assets used to collateralize the agreement, and this arrangement was approved by the government regulators. If the congressman has a bone to pick, it would be with them, not Pandit.
I think I can be considered an impartial observer here seeing as how Pandit's boys recently fired a career employee with whom I'm rather close. That being said, I hope these bailouts and stimuli packages work, and work soon.
but it seems like the fault lies with the Federal Reserve. Pandit simply took advantage of what he was given, am I right?
But I play one on an obscure Internet bulletin board.
I believe you're correct, Mal. Pandit would have been derelict in his duty as CEO of Citigroup had he not both sought assistance from the Federal government and than taken advantage of that assistance.
Making an insurance claim is not the same as asking for assistance. The person(s) who approved this insurance policy should be facing charges.
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