Citigroup: It's the Treasury's Fault We Can't Pay Back the Treasury
If this makes sense to anyone - ANYONE - please let me know. You can even call me out right here on JDA and call me an idiot for not understanding this but the problem I have is that it's the Treasury that gave them the damn money that has kept them alive this far. So I'm not sure what incentive the Treasury might have to cockblock their own repayment (especially when they are so anxious to use TARP money to pay down their massive $12 bazillion deficit) but something about this doesn't smell right.
The U.S. Treasury Department’s refusal to sell its 34 percent stake in Citigroup Inc. is hampering the bank’s plans to repay $20 billion of remaining bailout funds, people familiar with the bank said.
Executives at the New York-based bank are growing frustrated because they can’t sell stock to raise money for repayment until the Treasury signals when and how it will unload its 7.7 billion shares, said the people, declining to be identified because the matter is under discussion. Investors may be reluctant to buy shares because a Treasury sale could drive down the price.
“The ball is in the government’s court,” said Chris Kotowski, an analyst at Oppenheimer & Co. in New York, who has a “market perform” rating on the bank’s shares. “It’s not Citibank’s decision to sell them or not sell them.”
Bank of America Corp.’s plan to repay $45 billion of bailout funds would leave Citigroup as the only large bank subject to compensation reviews by Treasury paymaster Kenneth Feinberg. Other bailed-out companies under his purview include insurer American International Group Inc. and carmakers General Motors Co. and Chrysler Group LLC.
Citigroup Chairman Richard Parsons said in September that the bank must pay employees competitively to ward off poaching by rivals. Under pressure from Feinberg, the bank cut total 2009 compensation for its 25 highest-paid people by about 70 percent from 2008.
Shut your ungrateful bitch mouth, $C U Next Tuesday.
I'm sure it's also the Treasury's fault that Citigroup rounds out the Top 5 Worst Derivatives Offenders list, coming in just after Morgan Stanley with $31,715,734,000,000 in notional exposure?
I repeat, STFU,
(even Jr Deputy Accountant has her limits, you know.)
Well wait a minute, LOLFed is up Pandit's ass waaaaay more than yours truly (no offense) and as of September 15th, Timmy was supposedly going to go ahead and get rid of the leash so Pandit could move on with his life and probably stop getting so much shit from people like us (asshats).
So what gives?
I vote we get rid of them both and divide up the EPS amongst every American who owes tens of thousands on the money that Zimbabwe Ben printed up to cover this entire stunt but that's just me.