Posts Tagged ‘ bailout ’

Citigroup sure knows how to spend American tax dollars

Citigroup Inc (C.N), which has received $45 billion of capital from the U.S. government, is going through with plans to buy a $50 million jet

Earlier this month, a provision requiring the recipients of TARP funds to give up their corporate jets was stripped from the legislation.

“Beleaguered Citigroup is upgrading its mile-high club with a brand-new $50 million corporate jet — only this time, it’s the taxpayers who are getting screwed,” the article states.”Even though the bank’s stock is as cheap as a gallon of gas and it’s burning through a $45 billion taxpayer-funded rescue, the airhead execs pushed through the purchase of a new Dassault Falcon 7X, according to a source familiar with the deal.<>

So what does Obama say about this:

  • President Barack Obama does not believe “that’s the best use of money” after receiving taxpayer assistance. But its cool …Let US know when you need more tazpayer assistance right.

Sen. Carl Levin said on Monday that he wants the U.S. Treasury Department to halt Citigroup Inc.’s reported plans to buy a $50 million corporate jet. Senator called the deal absurd and wants the Obama administration to block it. Yeah like thats really going to happen.

  • ok Citigroup whats the final word on this story

Citigroup said in a statement that refusing delivery now would result in millions of dollars of penalties. The bank also said it is selling existing aircraft, the proceeds of which will more than pay for the new plane. So were gonna go ahead and keep them. …suckers

Ron Paul Explains How The Financial Bubble Was Created

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Federal Reserve Refuses To Disclose Loan Recipients

(Bloomberg) — The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.

Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn’t require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return.

When the Fed was created there were worries that the central bank would be used to provide funds to member banks, like JPMorgan Chase, to purchase assets during economic busts. Bloomberg News is now suing the Federal Reserve under the Freedom Of Information Act to find out who they loaned the money to. According to the business news network “The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers.”

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ahdVHk_Ccoeg

More Bailouts, Bigger Bailouts. Fed Says No End In Sight.

(VIDEO) Olbermann Speaks about Secret Second Bailout

Keith Olbermann speaks about Georgia attacking Russia first, Arms Dealers and Who is really benefiting from the Bailout.

From: PowerinNumbers2012

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(VIDEO) Ron Paul on US expands AIG Record Bailout

WASHINGTON (AFP) — The US government announced Monday an expanded bailout for insurance giant AIG of more than 150 billion dollars, as the Treasury tapped into emergency funds originally set for banks.

The latest bailout plan, the largest in US history, came as AIG burned through billions of dollars of cash and reported a third-quarter loss of 24.47 billion dollars.

The original Federal Reserve rescue of 85 billion dollars in mid-September, at the time the largest in corporate history, was expanded by 37.8 billion dollars just a few weeks later, and involved the government acquisition of a 79.9 percent stake in the troubled insurer… US expands record bailout of insurance giant AIG

Ron Paul on Fox Business with Neil Cavuto discussing bailout (11/10/08)