Citi Group buys us all a snazzy new French jet!

[Urabus GodofTraction]

http://www.huffingtonpost.com/....html

Basically, one of our wonderful new investments has just purchased us all a jet!

Time-sharing might be a problem, though, as we each will only get about a 1/10 of a second a year.

*Note: I do know that a CEO's time is extremely precious and I have no problem with a company owning a private jet. But, couldn't they have bought a used one?

[heliochrome85]

OLD NEWS. The White House said NO and as a result Citigroup has come out and said they are no longer taking delivery of this jet.

[Urabus GodofTraction]

OLD NEWS. The White House said NO and as a result Citigroup has come out and said they are no longer taking delivery of this jet.

Old since Monday?

Self answer: http://uk.reuters.com/article/...90127So yesterday they scrapped the deal.

I'd hardly call that "OLD NEWS."

But good on the WH. Eleventy billion mistakes to go.

[Jesda]

Also, they should have leased instead of purchased.

In addition, GWB and BHO and Johnny Mac should have opposed the initial banking bailout.

[480sx]

I loved the details of the new jet, and the execs reasoning behind wanting the new one.

Its like, 'A new, high tech air conditioning system' 'Plush interior with reclining sofas'.

Like, ITS A FVKING PRIVATE JET(of which they have TWO of, or had, im not sure). Be happy with what you have and stop pissing millions away in a global recession.

[szh]

Also, they should have leased instead of purchased.

Nobody was willing to give them any capital for the lease!

In addition, GWB and BHO and Johnny Mac should have opposed the initial banking bailout.

Yup.

Z

[HashiriyaS14]

In addition, GWB and BHO and Johnny Mac should have opposed the initial banking bailout.

Well, yes and no.

They should have forced Treasury to use the funds as they were originally intended, to buy toxic assets off bank balance sheets. We didn't do that, we just handed the banks the cash. That was a big mistake.

Doing nothing wasn't an option. You can't let depressions happen because depressions take down a whole lot more than just the outliers who caused them. Capitalism doesn't work without a central bank and active monetary management by some central authority. Of course we always have the Fed, but the market DID need this additional liquidity injection due to the circumstances. It just wasn't done properly.

I repeat: You can't just let a depression happen. You won't just lose the low-quality companies and individuals, you'll lose way more than that. Some kind of a bailout was inevitable and justified, just maybe not that one.

[S13_love]

Well, yes and no.

They should have forced Treasury to use the funds as they were originally intended, to buy toxic assets off bank balance sheets. We didn't do that, we just handed the banks the cash. That was a big mistake.

Qft.

With this next bailout, I haven't done a looking into it yet but can someone tell me (please, for love of god) that the $800 + billion is staying away from the banks. This country is a consumer driven economy...not a corporation one.

Edit: Oh, I also learned today what Wells Fargo did with their bailout money... all i can say is that they are f****** morons.

[smockers83]

Wells Fargo? What did they do?

They announced yesterday that they aren't going to accept anymore money and they haven't taken on a whole lot of money.

Wells Fargo and Chase, in my view, are the two best banks out there right now.

[Jesda]

Well, yes and no.

A depression happens when government responds to normal corrections with tariffs, bailouts, and tax hikes, or when government artificially devalues currency in an attempt at 'stimulating' the economy and paying for new programs, with cheap and easy money causing borrowers to overextend, resulting in defaults and the panics that follow.

See prior threads about how the mortgage industry got to this point.

I don't understand why welfare on a personal level is universally accepted as wrong (it typically is), but corporate welfare is given a blind rubber stamp. I think we agree, the bailout funds turned into freebie handouts.

But the issue isn't how the funds were used. The issue is that our tax dollars were offered as a way of rescuing firms that shouldn't exist, or deserve to be gobbled up.

[S13_love]

Wells Fargo? What did they do?

What i heard was that they bought another bank. Not too sure how long ago that was...but it's something that I'm definently curious about. Gonna have to look into it later though.

Basically what I was getting is that if you receive bailout money, the absolutely last thing to do is buy a bank (that has poor assests as I would assume).

[Urabus GodofTraction]

What i heard was that they bought another bank. Not too sure how long ago that was...but it's something that I'm definently curious about. Gonna have to look into it later though.

Basically what I was getting is that if you receive bailout money, the absolutely last thing to do is buy a bank (that has poor assests as I would assume).

They bought Wachovia.

Wells Fargo and Chase, in my view, are the two best banks out there right now.

Business as usual for my bank. Oh how I love a responsible, ethical company.

[smockers83]

Ah, yeah they bought Wachovia. I think they got money because they bought Wachovia, not that they got money and then bought Wachovia. That was a long time ago and probably one of the best deals made. It'll turn out pretty good for them.