Awww, doesn't this just warm your heart? ..... Shitibank wants to thank taxpayers for the bailout

[marmar]

:puke: :argh:





Citigroup’s Pandit Said to Plan to Thank Taxpayers for Bailout
By Bradley Keoun


March 4 (Bloomberg) -- Citigroup Inc. Chief Executive Officer Vikram Pandit plans to tell U.S. taxpayers he’s grateful for the $45 billion bailout that helped stave off a deposit run at the bank in 2008, a person close to the company said.

Pandit, scheduled to appear in Washington today before a panel overseeing the bank-bailout program, will acknowledge that the infusion stabilized Citigroup, said the person, who requested anonymity because the planned testimony isn’t public. Pandit will thank the government for providing the money, the person said.

Pandit, 53, is scheduled to answer questions about the impact of government assistance on the New York-based bank. The five-person Congressional Oversight Panel, led by Harvard Law School Professor Elizabeth Warren, is charged with reviewing the Treasury’s expenditures under the $700 billion Troubled Asset Relief Program.

Citigroup, the third-biggest U.S. bank by assets, repaid $20 billion of bailout funds in December. The Treasury holds a 27 percent stake after converting $25 billion of funds into common stock. The government currently has a $1.15 billion paper profit on the stake, based on its 7.7 billion shares and yesterday’s stock price of $3.40. The Treasury said in December it plans to liquidate its common stake this year. ............(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=ad6U6e1leWD0&pos=2

[Grand Taurean]

1. These banks needed to fail.

They are insolvent and they have no idea as how to value their junk "assets".
The TARP bailouts were one of the greatest scams ever!

[aquart]

2. ITA.

[Grand Taurean]

6. "ITA"?

[aquart]

7. I Totally Agree.

[Canuckistanian]

3. Too big to STFU

Banking reform NOW.

[guitar man]

4. Oh really

If they really want to thank me they should write off the rest of what I owe on my pickup truck and send me the lien release. I'm struggling my ass of while they prosper in spite of gross negligence and incompetence. I'm tired of supporting these damn miscreants.

:grr:

[xchrom]

5. Please sir - may we have more banking, financial regulation?

MORE!11

[earth mom]

8. You are NOT welcome you fucking bastard!!!!

:grr:

:argh:

:mad:

[HCE SuiGeneris]

9. What does B of A say?

Bloodletting of Amurika needs to be destroyed or completely nationalized. The criminals in charge of that enterprise are the epitome of evil... right there with Goldman Sucks and Monsanto.

[JPZenger]

10. If current trends continue, taxpayers will make a nice profit on Citicorp

Most banks have paid back 100% of what they borrowed from the Federal government, plus interest. Citibank has paid back the cash, and if current trends continue the stock held by the US Govt. will be sold at a nice profit.

Big pieces of AIG are now being sold that will recoup about 1/2 of that investment. The other half hopefully can be recaptured by Obama's proposed fees on big banks.

However, much of the money that went into GM and Chrysler is probably uncoverable.