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My opinion is that no additional taxpayer money should go to Citi (and actually that none should have in the first place). They are in the condition they are in due to bad decisions on the part of their management (granted, in part due to government regulations that encouraged risky loans). My opinion is that they should be allowed to fail. The skills to manage a bank aren't that difficult, another company would quickly take their place. In allowing them to fail, they suffer the losses associated with the "toxic assets" they have accumulated. To a large extent that clears the way and allows the rebuilding to start. Investors are hurt, but investing is just that...some investments are winners, some are loosers. Are we to bail out every stockholder who faces a loss?
There are plenty of banks that choose to manage more conservatively, IMO bailing out Citi only punishes those that behaved responsibly.
What are your opinions? How would allowing them to fail be worse than supporting the company with taxpayer money?
Oh, please, let's hope that the Government decides NOT to bail out CitiBank, and let some other operation take its place. This has got to be a better plan than handing them $500 billion or so on a silver platter as a reward for their inability to do things right.
I'm sorry if I don't take nine paragraphs, complete with statistics, charts, and quotes from Wikipedia, to make my case. But I don't think that CitiBank merits all that effort on my part.
I agree with you. I'm waiting to see what all the Obama supporters come up with to justify this bailout. The same thing happened under Bush...CHANGE would be doing something different...like letting them die.
Kev I never agree with you but I do agree with what you said.
Come to think of it..let them all die. Give the money back to us. While we are at it. Let AIG die too. America will be a much better place without AIG, Citybank, WAMU, BOA, Chrysler and other trash companies like that.
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