Citigroup Nears Deal to Return Bailout Billions

[TomCADem]

Source: NY Times

WASHINGTON — Citigroup was close to a deal on Sunday night to be the last of the big Wall Street banks to exit the government’s bailout program, after trying to persuade regulators that it was sound enough to stand on its own.

Negotiations between the bank’s executives and senior government officials went into the night and could still collapse. On Monday, President Obama is to meet with the chiefs of the nation’s biggest banks at the White House and press them to help speed the economic recovery by providing more loans to small businesses and homeowners.

The president, who has faced criticism from Democrats and Republicans alike for being too close to Wall Street, called Citigroup, Goldman Sachs and 10 other big banks to the gathering as anger over last year’s bank bailouts continued to percolate. Mr. Obama will address the size of salaries and bonuses, an official said, as he seeks to impress upon bankers that they have a “special responsibility” to consumers.

“We have to get them off the sidelines and get them to play a more active role in our economic recovery,” Rahm Emanuel, the White House chief of staff, said in an interview on Sunday. “They play an essential role in helping the economy grow.”



Read more: http://www.nytimes.com/2009/12/14/business/economy/14bank.html

[WorseBeforeBetter]

1. I think my head just exploded.

Obama needs to meet with them -- again -- to persuade them to provide loans from the money taxpayers gave to them?

I wonder what chess move this is considered.

[tabatha]

3. Obama can force anything without legislation.

Maybe he will threaten to break them up.
They deserve that.

[WorseBeforeBetter]

5. They should have been broken up long ago.

And I'm not holding my breath that that's even remotely an option under consideration by Obama.

Sigh.

[mbperrin]

2. I'm assuming that they're paying us 29.999% interest rate, right? With late

penalties and overlimit charges as well, correct?

After all, it's just prudent business, right?

We must fight truly tooth and nail to make sure that these bastards are allowed to fail after they've fucked themselves up again next year.

[msongs]

4. lol that's how citibank IS participating in the recovery there, rahm e. nt

[Iowa]

6. What a pansy...

"Obama will address the size of salaries and bonuses, an official said, as he seeks to impress upon bankers that they have a 'special responsibility' to consumers."

"as he seeks to impress"... And if they aren't moved by his whimpering, maybe he'll send a firmly worded letter expressing his disappointment.

The bankers will probably de-pants him and play "keep-away" with his trousers, as he runs around the room flailing his arms trying to get his pants back. Pathetic.

[Name removed]

7. Deleted message

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[Hugin]

8. "... bank’s executives and senior government officials"

What? They're talking into a mirror? Aren't many of them one and the same people?