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The Abu Dhabi Investment Authority will invest $7.5 billion in Citigroup, offering the nation’s largest bank needed capital to offset big losses from mortgages and other investments.
When I was working in the sub-prime foreclosure dept at a major bank you would not believe how profitable these loans were for the banks before they cracked down on the lending requirements.
The media jumps on the losses these companies have but they never mention the huge profits they have made over the years from the sub-prime loans. I guess because it is not as "dramatic and newsworthy" Not to mention the banks want to appear to be "feel sorry we have lost money'
It would be interesting to see what the end figures are if they subtracted the losses from the profits.
I would love to see both US Bankers and International Oil Folks lose their asses loaning US worthless deadbeats money.
Afterall, who here would be dumb enough to loan Citibank money?
I agree with Karla -- this is about like typical insurance company scums who only want to take money in and had no plan or intent for ever paying a claim or facing a loss. In the immortal words of Nelson Munts (Simpsons) Ha Ha!
They are just completing the circle. We buy their oil, then they use the money to buy america.
Yep. We voluntarily enslave ourselves to them by refusing to bear the pain of switching from an oil-based economy, and instead taking the easy way.
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