US: Citi Should Be Allowed to FAIL! Old Fart, Where's Our $$$?

[makapaaa]

<TABLE cellSpacing=0 cellPadding=0 width=452 border=0><TBODY><TR><TD vAlign=top width=452 colSpan=2>March 9, 2009, 5.38 am (Singapore time)

</TD></TR><TR><TD vAlign=top width=452 colSpan=2>US should let some big banks fail: Republicans
* Top Republicans say tough decisions will reassure market
* Top Democrat urges time as Obama team surveys damage

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WASHINGTON - The United States should let some big troubled banks fail rather than commit more federal funds to prop them up, two key congressional Republicans said on Sunday.

Senator Richard Shelby, top Republican on the banking committee, said the United States should not mimic Japan, which in the 1990s propped up failing banks and prolonged its economic downturn.
'Close them down, get them out of business. If they're dead, they ought to be buried,' Mr Shelby told ABC's 'This Week' programme. 'We bury the small banks. We've got to bury some big ones and send a strong message to the market.'
Financial authorities have been under increasing fire as hundreds of billions of dollars of loans and capital infusions into distressed institutions have failed to halt the economic downturn, which has only accelerated in recent weeks.
Senator John McCain, who remains a Republican leader after losing the 2008 White House race to President Barack Obama, criticised the new administration's response to the banks.
'I don't think they made the hard decision and that is to let these banks fail,' Mr McCain told 'Fox News Sunday.'
As the US government boosts its stakes in major banks such as Citigroup Inc, talk of nationalisation has stirred a debate over how far regulators will go to help the ailing financial system.
Mr Shelby did not mention any banks by name but, when asked about Citigroup, he said: 'Citi's always been a problem child.'
Mr McCain echoed Mr Shelby's criticism of US banks but both senators avoided the term 'nationalisation' - a concept typically derided by Republicans as a move towards socialism.
Asked what should be done, Mr McCain said: 'You'd sell off their assets and you have the - unfortunately, the shareholders and others will take a beating.'
Tom Donohue, president of the US Chamber of Commerce, the nation's biggest business group, said it was 'not practical to talk about closing a bank that is integrated throughout the whole global economy.'
'It is practical to talk about buying some of those assets away from those banks and holding them in an institution that would have both public and private money,' Mr Donohue said on ABC's 'This Week.'
On Friday, Kansas City Federal Reserve President Thomas Hoenig criticised as piecemeal the approach taken by the government in handling of the banking upheaval.
'We understandably would prefer not to 'nationalise' these businesses but, reacting as we are, we nevertheless are drifting into a situation where institutions are being nationalised piecemeal with no resolution of the crisis,' Mr Hoenig said in remarks to a local group.
Call for patience
A key Democratic senator called for patience as the Obama administration takes stock of the current state of ailing banks, announced last month as a series of 'stress tests.'
The Treasury department said it would provide the 20 largest banks with sufficient capital if the exams find they need more funding to withstand a worse-than-predicted recession.
'Once these evaluations occur, there may be some banks - and we don't know which ones, and I'm not going to name any - that will never make it,' Democratic Senator Charles Schumer said on NBC's 'Meet the Press.' 'You don't just keep putting money in, money in, money in - and the bank never solves it self.' Mr Schumer, also on the banking committee, said there is a type of 'good nationalisation' modeled on what the Federal Deposit Insurance Corp already does when it unwinds a bank. -- REUTERS
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[annexa]

Sack the pundit and his racist team. That should help a bit.

 

[jw5]

"It's not YOUR money!" may be his reply.

 

[jw5]

Sack the pundit and his racist team. That should help a bit.

At least he volunteered to take a nominal salary and no bonus until the bank went back to profitability.
Do you hear of any other "great" corporate and government leaders volunteering to do that?

 

[Slim_10_Sg]

<a href="http://www.uploadhouse.com/viewfile.php?id=3581285&showlnk=0" target="_blank"><img alt="Image Hosted by UploadHouse.com" border="0" src="http://img5.uploadhouse.com/fileuploads/3581/3581285daf30e5bbb70ec6b03925a69e4f3c33e.jpg"></a>

Spewing lies non-stop All Day All Night All Year All Life.

Lightning did a service to mankind.

咁多口水

 

[khunking]

More than meets the eye. The brahmin takes his orders from the supreme "brahma".

At least he volunteered to take a nominal salary and no bonus until the bank went back to profitability.
Do you hear of any other "great" corporate and government leaders volunteering to do that?

 

[NissanViP]

If the Singapore-Citibank run by Indians, surely problem arise, because they (Indian management) employ their own bunch of people only.

They talk more than they do their jobs. When there is a problem, they push the responsibility to others to be their scapegoat.

All they want to do is nothing except giving order, collecting fat salary, petty cash claim for their expenses even for personal purposes.

They also expect car, petrol, carpark, eletricity bills, phone bills, child education (almost everything) to be paid by company.

But cho boh lan in office.

PRC are following suit to what indian nationalist is doing.

 

[The_Latest_H]

If the Singapore-Citibank run by Indians, surely problem arise, because they (Indian management) employ their own bunch of people only.

They talk more than they do their jobs. When there is a problem, they push the responsibility to others to be their scapegoat.

All they want to do is nothing except giving order, collecting fat salary, petty cash claim for their expenses even for personal purposes.

They also expect car, petrol, carpark, eletricity bills, phone bills, child education (almost everything) to be paid by company.

But cho boh lan in office.

PRC are following suit to what indian nationalist is doing.

To say that Indians caused every trouble that led us to this financial crisis is not just disturbing but also a sign that we are taking the easy way out in blaming everyone else, but not ourselves or all those, irrespective of race or origin, for it.

Let's face it. The guys who started it, were greedy to begin with, let it white, black, Indian, Asian. They all wanted quick, fast bucks with least effort as much as possible. And when the system collapse, its not just because of a particular racial group but of all. When it comes to the worst of human nature, all of us are not immune to such pervasive attitudes.

What will make it worse is when we start blaming everyone else, particularly on discriminatory reasons.

 

[NissanViP]

To say that Indians caused every trouble that led us to this financial crisis is not just disturbing but also a sign that we are taking the easy way out in blaming everyone else, but not ourselves or all those, irrespective of race or origin, for it.

Let's face it. The guys who started it, were greedy to begin with, let it white, black, Indian, Asian. They all wanted quick, fast bucks with least effort as much as possible. And when the system collapse, its not just because of a particular racial group but of all. When it comes to the worst of human nature, all of us are not immune to such pervasive attitudes.

What will make it worse is when we start blaming everyone else, particularly on discriminatory reasons.

I quoted "Indian nationalist" not by discrimination or racism view, the information I'd received based on my friends who is working with Citibank.

When Citi's started to recruit Indian more senior management position in year 2005, they failed to minimize financial burden especially during this critical period.

As my friends said, "The foreign senior staff contributes more financial burden, Singapore MAS also play part in the failures too."

I am just passing the information, hope you did not view my posting as act of discrimination or racism comment.

 

[funglung]

Our $$$?


HA HA HA HA

WAKE UP YOU FOOL!

That money stolen from us is no longer our money

That gone into that 400-500++ BILLIONS that stinking Lee Kuan Yew regarded as HIS MONEY.




Sinkies got no balls
You all dare not stand with those that tried to speak for you.
You all dare not give money to them so that they can work for you.
You all dare not support them publicly so that they can speak for you.

You all turn your backs on those that spoke out bravely against LKY
LKY hit out at those who tried to speak for you with his kangaroo courts
You turn your backs and not support them with money and courage.

You let them be beaten and bankrupted because you all have no balls


Why complain now?

Your 400-500++ billions sucked and bled into LKY Temasick and GIC

And even more billions are currently sucked and bled so that LKY can use those money to bastardised and pay his kangaroo courts and running dogs to bleed even more billions from you in future

You got what you all deserved
for your lack of balls


FIND YOUR BALLS TO PUT AN END TO LKY

or open your legs to be further screwed by him

 

[cowbehcowbu]

Hi bros...this so call Tsunami is REALLY a well PLANNED .,EPOCAL SWINDLE OF UNPRECEDENTED SCALES...WITH ALL THE GREEDY, SELFISH ,UNSCUPULOUS,,HANCHOOS..THE PERPECTUATORS OF ECONOMIC CRIMES...OF THIS CENTURY..whether they are white,,blacks..browns..or purples..they are all like the most venomous cobra...[ pl dont quotes the familiar tales of Indians and cobra..]..
ALL and any peoples..countries ,institutions who BELIEF that all those big names financial institutes WONT cheat or lead to to TOTAL destruction...all becomes victims..
including our owns...unfortunately.....
what is left??????????nothings..not even ashes...

 

[The_Latest_H]

The Democrats won't take it too kindly that our country has a stake in Citibank. In any way, I don't think Citibank will become a trouble-free asset anytime; it will be a trouble-prone, trouble-riddled liability for months, years to come, even possible.

And as for Sen. Selby saying that the government should let Citibank fail- well we saw what happened after Lehman was allowed to file bankruptcy after the GOP insisted these banks should fail. In the end, the confidence in the market fell drastically after people realised that the government under the Bush administration would remain a Herbert Hoover administration at that time.

Citibank has too many branches in the world to be allowed to fail. If the bank goes bankrupt, it wouldn't be just the Americans absorbing the costs; many depositors around the world would also suffer with their hard-earned cash locked away and inaccessible. Investors who have used the bank as a conduit for their own investments would also suffer. Other banks, including the local ones(for example DBS here and Maybank in M'sia) would suffer also if there's a capital flight resulting from lack of confidence, if Citibank permanently shuts down.

Nationalisation, I think, looks inevitable now. As it is, with the most recent deal in place, the US federal government is all but in charge of Citibank. Its unofficial nationalisation, practically.

 

[cowbehcowbu]

hi Bros....he has already pockets tens of millions prior to the collapse...just a poor show ..aneh..hypocrites,,,i feel