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banker's rules .....
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Federal regulators approved a radical plan to stabilize Citigroup in an arrangement in which the government could soak up billions of dollars in losses at the struggling bank, the government announced late Sunday night.
The complex plan calls for the government to back about $306 billion in loans and securities and directly invest about $20 billion in the company. The plan, emerging after a harrowing week in the financial markets, is the government’s third effort in three months to contain the deepening economic crisis and may set the precedent for other multibillion-dollar financial rescues.
http://www.nytimes.com/2008/11/24/business/24citibank.html?hp
- By Gus Leonisky at 26 Nov 2008 - 9:56pm
- Gus Leonisky's blog
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cash converters .....
In his press conference today, Obama says he wants Detroit automakers to come up with a "plan" before they can receive a bridge loan that will keep three million jobs from being lost as we teeter on the edge of a global depression.
I guess this is the plan for Citibank and AIG:
AIG, Citibank and a number of other federally bailed-out financial institutions have no plans to cancel hundreds of millions of dollars in sports team sponsorships, even as they take billions in taxpayer support, ABC News has found.
In boom times, the sponsorships were seen as a way to advertise the firms' "brands" and appeal to potential customers. Even today, at least one bank told ABC News that a naming deal was increasing its revenue. But critics, including a member of Congress, say the decision to continue them now is hard to defend.
http://www.alternet.org/blogs/peek/108429/
meanwhile …..
Talk about biting the hand that feeds you!
Last week, while Congress was engineering a bailout package of the taxpayers’ money to rescue Citibank and save the economy, Citibank was sending out notices to its cardholders of a new and usurious policy — a policy that could drown consumers and help sink the economy.
Usury is nothing new to bankers who issue credit cards. For example?
While banks, on average, were paying their customers 1.25% on interest checking and 2.40% on money market accounts, they were charging credit card holders an average of 11.27% overall to borrow the same money. That's according to this morning’s Bankrate.com. And that’s just the average
Those are the kinds of rates that used to get loan sharks from the Bonano family put away for 10 to 20 years in Sing Sing. But it’s worse than that.
http://thenewyorkcrank.blogspot.com/2008/11/citibank-thanks-america-for-filling-its.html
addicted to spend...
Rudd urges Australians to spend stimulus funds
Prime Minister Kevin Rudd has urged Australians to quickly spend money they receive as part of the Government's economic stimulus package.
From tomorrow, families, pensioners and some low income earners will start receiving payments as part of the Government's $10.4 billion package designed to keep the economy out of recession.
Mr Rudd says by spending the money quickly, everyone can help to avoid a rise in unemployment.
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How long is a coiled rope... and is there a noose at the end? At both ends? See toon at top...