Quote:
Originally Posted by Villages Kahuna
The only alternative available to save Citigroup (Citibank) appears to be for the government to nationalize it. The Wall Street Journal article makes it sound like that's definitely going to happen. Now, what to do with the Bank of America, which is also on life support?
http://online.wsj.com/article/SB1235...ml?mod=testMod
The nationalizing of these banks makes saving the auto industry look like penny ante.
This leaves me with a minor question -- how does a private JPMorgan Chase (or any other bank not nationalized) compete with banks owned by the government anyway? |
The last time I was in Vietnam (November 2001 on a vets' reunion trip) the two largest buildings I saw in Ho Chi Minh City were crested with "CITICORP" and "Prudential" signs.
Citicorp is the classic international firm. They are everywhere, and it's a darned big planet! If there's a fear that CITICORP may go under, then there's a lot of countries which should be interested, and not just the US. A bailout of Citicorp is D U M B, and just is the political elitists protecting the CITICORP elitists who make campaign contributions.