Excoriating
Presumably, Mr. Corbat’s appointment will help prepare the next generation of Americans for deep recession, job losses, and dismal prospects due to major miscalculations by Citigroup and other big banks – including what these firms have done, what they are doing now, and what they will do.The Baseline Scenario
Citigroup CEO Named To “Key Administration Post”
Simon Johnson | former chief economist of the International Monetary Fund, is a professor at the MIT Sloan School of Management, a senior fellow at the Peterson Institute for International Economics, and a member of the CBO’s Panel of Economic Advisers.
Read with Combat-Ready China Military Seen as Xi’s Goal in Graft Battle
by Bloomberg News
(h/t Yves Smith at Naked Capitalism for both links)
by Bloomberg News
(h/t Yves Smith at Naked Capitalism for both links)
Xi tackling corruption, Obama rewarding it.
I shouldn't be shocked anymore, but this one may take the cake. We should break out the pitchforks over this.
ReplyDeleteBasically, the very existence of this position is a way for the financial industry to create leads to cultivate a new, young universe of customers for the financial industry. What a racket. Banksters go to Washington to run an organization aimed at teaching young people how to use banking services and hire portfolio managers.
ReplyDeleteI think I read on Washington's Blog that Citibank had been rescued several times over the last 30 years by government. Anyone know the details on that?
ReplyDeleteRalph,
ReplyDeleteIts so bad over here I'd assert that if the regulators came in and made the banks get rid of everything they had operating in foreclosure in 90 days they ALL would be busted out... they all would have to be heavily re-capitalized...
They're running everything... restaurants, resorts, small businesses, residential developments, strip centers, you name it... they are raking it in hand over fist as they basically didnt pay for any of these "assets".... its unfair to those who HAVE...
rsp,