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News Plan to Rescue Citigroup Begins to Emerge

Plan to Rescue Citigroup Begins to Emerge Plan to Rescue Citigroup Begins to Emerge

Submitted by Obama Buddy | 12 months ago

www.nytimes.com - Federal regulators were nearing approval of a radical plan to stabilize Citigroup on Sunday in which the government would soak up tens of billions of dollars in losses at the struggling bank, according to people briefed on the discussions. The plan, which emerged after a harrowing week in the financial markets, would be the government’s third effort in three months to contain the deepening economic crisis. While the negotiations were in flux on Sunday night, the proposal, if applied to other banks, could set the precedent for other multibillion-dollar financial rescues.

Tags: Citigroup, financial markets, economic crisis

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MrAmerica (Democratic) - 12 months ago

this just proves again that unregulated capitalism leads to too much greed and "cooking the books" and when it all hits at once, the house of cards comes down.

unfortunately temporary bail-out loans are needed because so many banks bought up other banks that we cannot let them fail. same with the auto makers, when one of these businesses fail, we lose millions of jobs and retired citizens will lose their retirement pensions, making the problem go from bad to worse.

im not a marxists, i just dont trust one corporation to rule them all. and when we have all these companies buying up other companies, we get to the point where the supercompany is vital for the stability of the US economy.

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Politics (Independent) - 12 months ago

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Reply to everferrari
U.S. is becoming a communist country.

Communist? No. Mixed market socialist? Unfortunately, yes.

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everferrari 12 months ago

U.S. is becoming a communist country.

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