economistsview.typepad.com - 11/24/2008
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It's bailout time. Let's start with Paul Kedrosky: Good Bank, Bad Bank, and F---ed Bank : Apparently Citibank and the U.S. government (i.e., we taxpayers) have reached a deal whereby we will backstop something like $300-billion in screwed assets on Citi's balance sheet. ... Here is the gist: To ...
nytimes.com - 11/23/2008
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nytimes.com —
Federal regulators were considering a new rescue for
Citigroup on Sunday, a step that could mark a
third leg of the government’s broader efforts to bolster the nation’s financial industry. >
(more)
Plan Begins to Emerge to Rescue Citigroup
online.wsj.com - 11/23/2008
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online.wsj.com —
Inc. is nearing agreement with U.S. government officials
to create a structure that would house some of
the financial giant's risky assets, according to people familiar with the situation. While the discussions remain fluid and might not result in an ...
(more)
Citigroup, U.S. in Talks to Create 'Bad Bank'
baselinescenario.com - 11/24/2008
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baselinescenario.com —
According to the Wall Street Journal, the deal
is done. Here are the terms. In short: (a)
the government gives Citi $20 billion in cash in exchange for $27 billion of preferred on the same terms as the first $25 billion, except that the interest rate ...
(more)
Citigroup Bailout: Weak, Arbitrary, Incomprehensible
Comments
Blog Reactions
Krugman on Citigroup Bailout: "a lousy deal"
Calculated Risk —
... Mark Thoma has the rundown of informed reactions. A bailout was necessary — but this bailout is an outrage: a lousy deal for the taxpayers, no accountability for management, and just to make things perfect, quite possibly inadequate, so that Citi will be back for more. ...
Melt-Up Blogging: The Citi Rescue
JustOneMinute —
... describes the Citi bailout. Mark Thoma provides the definitive roundup. General reaction is negative, so let me stake out a contrary position. Negative first: James Kwak says the bailout is "Weak, Arbitrary, Incomprehensible." I think he has it right: ...
Bend Over
Agitprop: Or How I Learned to Stop Worrying and Love the Propaganda —
... Mark Thoma has the rundown of informed reactions. A bailout was necessary — but this bailout is an outrage: a lousy deal for the taxpayers, no accountability for management, and just to make things perfect, quite possibly inadequate, so that Citi will be back for more. ...
Remainders: Don't ask
Ben Smith's Blog —
... the RNC chair, and gets an early hit for being a former member of a whites-only country club.
Fred Siegel says Bloomberg has become despotic, but not benevolent.
Liberal bloggers have divided themselves into believers and cynics, and the cynics may win.
National Catholic Weekly plugs their candidate for Vatican Ambassador: Pepperdine law professor Douglas Kmiec.
Vilsack ends speculation that he'll be agriculture secretary.
And Economist's View has a roundup of commentary on the Citigroup bailout.
(with Anna ...
It’s Christmas Time in the Citi
Unqualified Offerings —
... You know how some guy supposedly said, "Democracies survive until the citizens realize they can vote themselves money from the treasury?" I’d like to find that person and punch him in the face . Posted by Jim Henley @ ...
Love in a time of financial crisis
Whiskey Fire —
... by flory
Another day, another $300 billion or so into the pockets of Wall Street multimillionaires. Early christmas presents I guess.
If you're interested in a good overall roundup of blogosphere reaction to the Citigroup bailout, this is a good place to start .
One reaction I would like to highlight:
I am surprised that the shareholders were not effectively wiped out as per Fannie, Freddie, AIG. Not displeased - but somewhere I wish the government would get a happy medium somewhere - rather than one rule Citigroup and one ...
Google’s Eric Schmidt And A Brave New World
Firedoglake —
... Mark Thoma has the rundown of informed reactions. A bailout was necessary — but this bailout is an outrage: a lousy deal for the taxpayers, no accountability for management, and just to make things perfect, quite possibly inadequate, so that Citi will be back for more. ...
Krugman: Citi bailout is an outrage
AMERICAblog News| A great nation deserves the truth —
... Mark Thoma has the rundown of informed reactions. A bailout was necessary — but this bailout is an outrage: a lousy deal for the taxpayers, no accountability for management, and just to make things perfect, quite possibly inadequate, so that Citi will be back for more. ...
Top Ten Cloves: Things about Citigroup keeping stadium sponsorship after getting government bailout
The Reaction —
... Winter: Citi, AIG will continue sports sponsorships despite bailouts Robert Reich: Citigroup Scores Tyler Cowen: Whoops! Back to TARP after all... Brilliant at Breakfast: So why DID we just throw a truckload of money at Citigroup then? The Wonk Room: Citigroup Bailout: ‘A Lousy Deal For The Taxpayers’ Mark Thoma: The Citigroup Bailout Bonus Bonus ...
Word of the Year: Bailout
The Moderate Voice —
... a “Citigroup bailout was necessary — but this bailout is an outrage: a lousy deal for the taxpayers, no accountability for management, and just to make things perfect, quite possibly inadequate, so that Citi will be back for more.” More here. ...
Related: citigroup + bailout, citibank bailout
WSJ: Government to Guarantee $300 Billion in Citigroup Assets
calculatedrisk.blogspot.com 11/24/2008 — From the WSJ: U.S. Agrees to Citigroup Bailout Treasury has agreed to inject an additional $20 billion in capital into Citigroup under terms of the deal hashed out between the bank, the Treasury Department, the Federal Reserve, and the Federal ...
Citigroup
krugman.blogs.nytimes.com 11/24/2008 — Mark Thoma has the rundown of informed reactions. A bailout was necessary - but this bailout is an outrage: a lousy deal for the taxpayers, no accountability for management, and just to make things perfect, quite possibly inadequate, so that Citi will ...
The 'outrageous' Citigroup bailout
washingtonmonthly.com 11/24/2008 — THE 'OUTRAGEOUS' CITIGROUP BAILOUT.... Following up on Hilzoy's item from late yesterday, Paul Krugman notes this morning that a Citigroup bailout, under the circumstances, may have been worthwhile, but this bailout is outrageous: "a lousy deal for ...
Citigroup Bailout: ‘A Lousy Deal For Taxpayers’
wonkroom.thinkprogress.org 11/25/2008 — Last night, 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 rescue package “ shields the bank from ...
Citigroup bailout: leaving the incompetents in charge
firedoglake.com 11/24/2008 — So, now it's Citi's turn to get bailed out. The plan is to take on Citi's losses beyond a certain (still undetermined) level. If the government does so, Citi will give it either warrants (the right to purchase shares later) or preferred shares. ...
Citigroup gets huge federal bailout —
The Swamp
by Frank James
Citigroup certainly has much to be thankful for this week since it's getting new and massive federal support to keep it solvent.
The rest of us, whether we know it or not, likely also have much to be thankful for since we can assume the response to a Citibank insolvency ...
On FOX, Citigroup Gets "Stabilized," Auto Makers Seek "Bailout" —
News Hounds
By the vocabulary chosen, Fox appears to favor the relief plan for Citigroup. Rather than using the term "bailout" which featured so prominently in discussions of the recently torpedoed relief plan for the auto manufacturers; here the Government "throw[s] its weight toward stabilization of ...
Dodd to Review Citigroup Bailout —
News
Sen. Chris Dodd (D-Conn.) is taking a cautious approach to assessing the government rescue of Citigroup.
Dodd, chairman of the Senate Banking, Housing and Urban Affairs Committee, said he understood the Bush administration's decision to guarantee more than $300 billion of the bank's assets and ...
Once More into the Bailout Breach, This Time for Citigroup —
Hit & Run
Bailouts, it seems, are like potato chips. You just can't have one: Rushing to rescue Citigroup, the government agreed to shoulder hundreds of billions of dollars in possible losses at the stricken bank and to plow a fresh $20 billion into the company. Regulators hope the dramatic action will ...
Why Are We Bailing Out Citigroup? —
Outside The Beltway | OTB
Citigroup is currently valued at about $20.5 billion. It received $25 billion from the Treasury already, and is now poised to receive another bailout. Here’s how they got to where they are.
There, Citigroup’s chief executive, Charles O. Prince III, learned for the first time that the bank ...
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uggabugga
Blog comments on the Citi bailout: Economist's View has a good selection of excerpts (actully, almost full blog posts) by Paul Kedrosky, Yves Smith, James Kwak, Robert Reich, John Jansen: The Citigroup Bailout Tom Lindmark at But Then What: Citigroup Sets The Bar Higher For The Next Round Ian ...
Citigroup Bailout —
Oliver Willis
Yay! $20 billion more of our tax dollars to bailout MBAs and Captains Of Capitalism who don’t know how to run a profitable business.
WOOOT.
$306,000,000,000 For Citigroup Bailout —
The Agonist - thoughtful, global, timely
Yes, you read that number right: $306,000,000,000 for the Citigroup bailout. Is there any question lingering in anyone's mind that if it is too big to fail, it is too big to exist? I sure hope not.
Who's to blame for this? I'll tell you, as it's a short list. Alan Greenspan, Phil Graham, ...
You are funding CITI's marketing efforts (and the New York Mets) —
Daily Kos
Nice . Struggling Citibank just sealed a multi-billion-dollar emergency "backstop" deal with the U.S. government. The financial behemoth, suffering with billions in bad mortgage-related assets on its books, recently shed 53,000 workers and saw its stock price lose over half its value. Yet ...
My take on the Citibank bailout —
The Reaction
By Libby Spencer The legalized looting of the Treasury continues apace. The Fed apparently reached an agreement to guarantee $306 billion worth of Citibank's shitpile and toss them $20 billion in cash from Paulson's slush fund. And what are they going to do with the money? Send 1,000 jobs ...
Strongest Two-day Rally Since 1987 —
The Latest on Air America
From Bloomberg:
U.S. stocks posted the biggest two-day rally since 1987 after the government said it will guarantee $306 billion of troubled Citigroup Inc. assets and lawmakers pledged to pass another economic stimulus package.
Citigroup, which lost 60 percent of its market value ...
The Best and the Brightest —
The Glittering Eye
don’t know what the heck they’re doing.
That’s how this article at the NYT on the bailout of Citigroup struck me. Here’s the snippet in question:
Asked then whether he had made any mistakes during his tenure at Citigroup, [Rubin] offered a tentative response. “I’ve ...
Citigroup Gets a Bailout —
A Blog For All
$20 billion to bail out the company. Under the deal, the government will have the right to slash the huge pay packages and bonuses that Citi's executives had long enjoyed, and cap stockholder dividends at only 1 cent per share.
The sweeping plan is designed to stem a crisis of confidence in the ...
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