Bailed out Citigroup buys Spanish Company for 10Bn

[antimatter98]

Source: HuffingtonPost and Market Watch

MADRID, Spain — Debt-laden Spanish construction company Sacyr Vallehermoso said Monday it has agreed to sell its highway-operating unit, Itinere, to a Citigroup Inc. fund in a deal valued at nearly euro7.9 billion ($10 billion).

The sale involves euro2.87 billion in cash and euro5 billion in assumed debt, the company said.

Sacyr Vallehermoso has been hard hit by the collapse of Spain's real estate bubble and is eager to ease its debt load.

The sale of Itinere to Citi Infrastructure Partners, which needs regulatory approval, will reduce the Spanish builder's debt to about euro12.5 billion, the latter said in a filing with Spanish stock market regulators.

http://www.marketwatch.com/news/story/Sacyr-Vallehermoso-sell-unit-Citigroup/story.aspx?guid={A270FA1A-00EC-4CF9-9178-4CFB3B3C467C}

http://www.huffingtonpost.com/2008/12/01/citigroup-making-10b-cons_n_147313.html



Read more: http://www.huffingtonpost.com/2008/12/01/citigroup-making-10b-cons_n_147313.html

---

Your bailout dollars at work. Overseas.

Don't forget that Rubin and our new Treasury scy. approved the Citigroup bailout and
worked with Paulson to make it happen.

[Autumn]

1. Refresh my memory please

how much money did we give them for their bail out?

[marketcrazy1]

5. total

45 billion cash plus a guaranty of 306 billion of their debt ( 90 percent of wich we are liable for )

[OhioChick]

2. Sickening. n/t

[peacetalksforall]

3. We, the citizens bailed out Citigroup.

Citigroup is about to purchase a piece of Spain.

That means we, the citizens, will own a part of Spain.

Is this kind of swindle called a ponzi scheme? I don't think so. If not, what's the name for this particular type - since it is 'something' arranged by the big boys.

Is this ultra chutzpah?

I love Spain, but there are critical money issues going on with me and nearly everyone I know.

Second question - Is that 10 billion real money?

With all due sarcasm and disgust. They outdid themselves. Enron was a little pink fluffy bite of spun sugar compared to this.

[Acadia Blue]

24. They are stealing our tax dollars with Paulson, Bernanke and Bush's help

[Acadia Blue]

25. They are stealing everything before they leave. Just like in Mexico

[ohio2007]

37. I voted NO to the bailout. and so did my congressman. How did yours vote ?

[acmavm]

4. What? So who owns it? The taxpayers (who damn well should)

or Citi who just robbed up in broad daylight without a mask or a gun.

[truedelphi]

11. Once the money is offshored (And Spain is a fair distance from

Our shores)

The flimsy set of rules we have about what we own (and any oversight) will be very hard to enforce.

[acmavm]

14. Oh believe me, I don't believe we, the taxpayers, will end up with

anything by the time this is over.

[OhioChick]

6. This "Citigroup?"

India's Tata Wins Big Citi Outsourcing Deal

India's Tata Wins Big Citi Outsourcing Deal
TCS acquires Citigroup Global Services—and bags a giant contract to provide outsourcing services to Citi for the next nine-and-a-half years

by Nandini Lakshman

"It's festival time in India, and Tata Consultancy Services, the country's largest IT software and services provider, is celebrating with gusto. After months of speculation, TCS acquired Citigroup's (C) India-based outsourcing unit, Citigroup Global Services, for $505 million in an all-cash deal announced on Oct. 8. That's the largest-ever purchase for TCS. What's more, the company bagged a $2.5 billion contract to provide process outsourcing services, application development, and infrastructure support to Citigroup and its affiliates over nine-and-a-half years. "This transaction will complement our domain expertise and bring new capabilities to TCS that will help drive growth," says S. Ramadorai, chief executive officer of TCS."

http://www.businessweek.com/globalbiz/content/oct2008/gb20081010_639548.htm

[peacetalksforall]

9. The stole the money and our jobs? This is Rubin, right? Tell me again - how

will the people benefit from having this guy advise Obama? I've never really heard it really straight and in a statement of not more than 200 words. Or less.

[truedelphi]

13. We are all supposed to be so relieved over having Obama

Tghat we are not supposed to notice is bad choices. <sigh>

[amandabeech]

30. I can't help you, but please send me a copy of the defense of Rubin.

Rubin and his set have blinders around their eyes that see only Wall Street's problems, and no one else's.

Well, can I now rent a little car and vacation trailer and camp on that road in Spain? It'd be a cheap vacation!

[defendandprotect]

7. Capitalism at work to kill the competition ....using our tax dollars---!!!

[ohio2007]

36. Congress in the capital using your tax $$ to award contributers to the cause

[benld74]

8. Ahem, Treasury Officials I have 1 Question,,, WTF?!?!?!!?

[Democrats_win]

10. Another bush bargain. And, no one will be held resposible for this treason!

It's like a Dutch Treat--not a treat at all. In 8 years, not a single bush incompentent has been held resonsible. Why didn't congress hold the banks accoutable for the money we gave them? It should never leave America. The fact that it did is an act of treason by a bank that everyone already knew as nothing but crooks. Shame on us all!

May CitiCrooks get what they deserve. The worst!

[saigon68]

12. Nope they are going on a SPA weekend Retreat to Celebrate

Their new acquisition

[defendandprotect]

39. I think when a president bankrupts the Treasury ...it's at least Treason --

This is kinda same pattern as S&L theft and embezzlements --

corrupt watchdogs -- deregulation --etal


Supposedly huge new trillions with derivatives coming --

[Solly Mack]

15. Isn't that special

[nc4bo]

16. WTF??!!! Oversight?! What oversight? nt

[nightrain]

17. well lucky us. We citizens just bought a construction company, instead

of spending money on--oh, healthcare, education, housing... Oh wait... Citibank owns it, not us... foolish bailout. No oversight, just giving away billions! How many more days until Bush is gone?!

[Ikonoklast]

18. Thank God It Passed!

Where are all the bail-out cheerleaders, now that the thievery that was so well predicted is happening?

[sarcasmo]

33. Staying far away from these kind of posts.

[xchrom]

19. and citigroup needs a contruction company why? and with our tax dollars, why? nt.

[nc4bo]

20. Preparing for economic armageddon? There will be a need for construction

companies here and over the pond in prep for the global post-D.

Buy it all up and cover all the bases and reap the awards to complete a global monopoly.

Nevermind, scratch that, I'm one of these --------> :tinfoilhat:

Again, where is the damned oversight?! Why aren't the ones who voted for this crap not screaming bloody murder NOW?

So much silence coming from our government officials.

[Neshanic]

22. Every bank needs one. We can't deny one of our "too bigs" to go without.

[xchrom]

28. oh stupid me -- what would a bank be without a construction company? nt

[Romulox]

21. LOL. But that money was supposed to go to EMPLOYEE COMPENSATION PACKAGES!!

But really, why should I care? That money was going to foreign bank accounts one way or the other.

We lost when the bailout was announced. I couldn't care less about the details of the disbursement.

[Capn Sunshine]

23. Um...this is a FUND - as in Mutual Fund.

It's NOT The Bank. But they do operate under Citi's charter as a companythat operates mutual funds. The banking operation gets fees from this transaction so I guess our investment is making money.

Not that this bailout was a good idea in its current form.
I believe you'l see some significant structural changes once the Obama Administration actually controls this.

You won't like it then either.

[bobbert]

26. Hey, if it makes them money, I'll take it

They need to pay us back somehow. Do you want them to make money by scamming US taxpayers for profits, or by buying a business that makes profits from Spaniards?

[rhett o rick]

27. Who owns Citigroup? nm

[depakid]

34. The US government owns 7.8%

and is scheduled to be paid $4 billion per year in dividends, in addition to the equity stake. Probably not the best deal that could have been struck- but likely much better than allowing it to collapse.

Also, it bears mention that Citi is an international concern and is also said to be selling NikkoCiti Trust and Banking Corporation, a Japanese clearing house, though that fact probably doesn't register well with folks who believe America is an isolated entity- and the rest of the world doesn't matter.

[rhett o rick]

40. Why should the US taxpayers bailout international companies? What makes a corporation

a US corporation? Only where they have their headquarters? Would we bailout Halliburton?

[Vinca]

29. That's nice. At the least the Spanish people will get a benefit from our bailout. nt

[and-justice-for-all]

31. So we bailed them out so they could go on a shopping spree...

OVERSEAS no less?!

[TankLV]

38. Yeah - I guess it was "critical" we passed that crap IN A HURRY!

otherwise the DEAL might have fallen thru!!!

Never.
Ever.
Trust a REPUKE.
Never.

[sarcasmo]

32. " Thank God it passed" I thought they were to help average Americans.

Oh wait, that's fantasy island.

[ohio2007]

35. CONgress saw us comming.Your bailout dollars at work no shit