“US government shall bailout Citi Corp.” and gosh! they indeed have to the tune of some 306 billion US$. Hearing the news ,the European stocks rose 5%.
In my opinion all this drama about bailout sucks. It simply means profit for the private sector on account of the helpless taxpayers. Similiarly earlier the US congress bailed out AIG in October by almost $60 billion. Immideately after receiving this grant the top AIG executives organized a lavish working holiday for themselves at a resort in California spending some $million on drinks, sauna and entertainment! On being asked by the government panel, the CEO of AIG reasoned that they did it to lift the morale of the AIG executives. Lifting the morale of the private executives on taxpayers money? Well beaurocrats and politicians do it all the time.
Coming back to the Citi Corp. bailout ,I will say that it was a descision taken in absolute panic and hurry.It is needless to say some people in the US government have private stake in these companies. Why not go for public opinion on this issue and let the taxpayers decide for themselves .The auto sector is demanding 25 Billion US$ of taxpayers money. This is nothing but blackmail. Their reasoning is that you do it or you loose 3 million jobs which will pay you taxes amounting to 110 Million US$. In the case of American auto industry they are producing the same rotten gas guzzlers which they were producing 3 decades ago. Some people never change. Now you want the taxpayers to reward you for your rotten work and ethics! The land of the cowboys!
America ,that land of liberty, enterprising people and technology all was a bullshit hype and nothing else. Now you have turned to socialism! Coming back to Citi Corp and other banks, they committed a grave mistake and let them pay for it. Where is the justification for overpaying your top managements .Some of them earn excess of US$65 million per annum including all benefits. Now do you want the taxpayers to pay for it? The right step would have been to nationalize these banks and assets.
After the bailout the situation will not improve because financial wizards who commit perjury (they run the show behind the curtain) will benefit and pocket the major chunk of US$306 billion. Today America is indebted to the tune of US$56 trillion and that means US$240000 per house hold. I have no idea what the Americans are going to do about that. May be they will purposely go to war! Who knows!
The best solution would have been to let these giants die on their own resources and encourage small and middle level enterprises to come up. America! you need ideas and small enterprising companies for progress and not these giants. Its up to you how you can convince Mr.Obama about this issue.Good luck!
In my opinion all this drama about bailout sucks. It simply means profit for the private sector on account of the helpless taxpayers. Similiarly earlier the US congress bailed out AIG in October by almost $60 billion. Immideately after receiving this grant the top AIG executives organized a lavish working holiday for themselves at a resort in California spending some $million on drinks, sauna and entertainment! On being asked by the government panel, the CEO of AIG reasoned that they did it to lift the morale of the AIG executives. Lifting the morale of the private executives on taxpayers money? Well beaurocrats and politicians do it all the time.
Coming back to the Citi Corp. bailout ,I will say that it was a descision taken in absolute panic and hurry.It is needless to say some people in the US government have private stake in these companies. Why not go for public opinion on this issue and let the taxpayers decide for themselves .The auto sector is demanding 25 Billion US$ of taxpayers money. This is nothing but blackmail. Their reasoning is that you do it or you loose 3 million jobs which will pay you taxes amounting to 110 Million US$. In the case of American auto industry they are producing the same rotten gas guzzlers which they were producing 3 decades ago. Some people never change. Now you want the taxpayers to reward you for your rotten work and ethics! The land of the cowboys!
America ,that land of liberty, enterprising people and technology all was a bullshit hype and nothing else. Now you have turned to socialism! Coming back to Citi Corp and other banks, they committed a grave mistake and let them pay for it. Where is the justification for overpaying your top managements .Some of them earn excess of US$65 million per annum including all benefits. Now do you want the taxpayers to pay for it? The right step would have been to nationalize these banks and assets.
After the bailout the situation will not improve because financial wizards who commit perjury (they run the show behind the curtain) will benefit and pocket the major chunk of US$306 billion. Today America is indebted to the tune of US$56 trillion and that means US$240000 per house hold. I have no idea what the Americans are going to do about that. May be they will purposely go to war! Who knows!
The best solution would have been to let these giants die on their own resources and encourage small and middle level enterprises to come up. America! you need ideas and small enterprising companies for progress and not these giants. Its up to you how you can convince Mr.Obama about this issue.Good luck!
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