Comments on: Citigroup decides that it was (almost) all a big mistake http://curiouscapitalist.blogs.time.com/2009/01/13/citigroup-decides-that-it-was-almost-all-a-big-mistake/ Commentary on the economy, the markets, and business Sat, 28 Nov 2009 05:45:22 +0000 http://wordpress.com/ hourly 1 By: banzai7 http://curiouscapitalist.blogs.time.com/2009/01/13/citigroup-decides-that-it-was-almost-all-a-big-mistake/comment-page-1/#comment-12628 banzai7 Thu, 15 Jan 2009 09:30:33 +0000 http://curiouscapitalist.blogs.time.com/?p=3944#comment-12628 YES WE HAVE BAILOUT BANANAS (Yes We Have No Bananas) WilliamBanzai7 Sing along link: http://www.youtube.com/watch?v=jT6JkceQ9FU&feature=related There's a financial supermarket on our street It's called CITI and its run by Pandit the geek. And he keeps lots of dodgy things for the markets to eat But you should hear him speak! ''When you ask him anything, he never answers "no". He just "yes"es you to death, and as he takes Uncle Sam's bailout dough He tells you "Yes, we have lots of bananas We have lots of bailout bananas for sale today. We've got Smith Barney string beans, and securitized onions Leveraged cabbages, and private label scallions, And all sorts of rotten fruit and say We have an old fashioned Traveler's insurance to-mah-to And a Solomon po-tah-to But yes, we have lots of bananas. We have bailout bananas for sale today." Business got so busy for him that he wrote home today, "Send me Reed and Prince and Rubin and Weil; I need help right away." When he got them in the store, there was fun, you bet. Someone asked for a "mark down" and then the whole quartet All answered "Yes, we have bailout bananas We have bailout bananas for sale today. Just try those CDS coconuts Those Alt-A walnuts and all sorts of asset backed doughnuts There ain't got FIG nuts like these over at AIG We'll sell you all kinds of red herring, Dark brown, and ball-bearing. And yes, we have bailout bananas We have bailout bananas for sale today. YES WE HAVE BAILOUT BANANAS

(Yes We Have No Bananas)

WilliamBanzai7

Sing along link: http://www.youtube.com/watch?v=jT6JkceQ9FU&feature=related

There's a financial supermarket on our street
It's called CITI and its run by Pandit the geek.
And he keeps lots of dodgy things for the markets to eat
But you should hear him speak!
''When you ask him anything, he never answers "no".
He just "yes"es you to death, and as he takes Uncle Sam's bailout dough
He tells you
"Yes, we have lots of bananas
We have lots of bailout bananas for sale today.
We've got Smith Barney string beans, and securitized onions
Leveraged cabbages, and private label scallions,
And all sorts of rotten fruit and say
We have an old fashioned Traveler's insurance to-mah-to
And a Solomon po-tah-to
But yes, we have lots of bananas.
We have bailout bananas for sale today."

Business got so busy for him that he wrote home today,
"Send me Reed and Prince and Rubin and Weil; I need help right away."
When he got them in the store, there was fun, you bet.
Someone asked for a "mark down" and then the whole quartet
All answered
"Yes, we have bailout bananas
We have bailout bananas for sale today.
Just try those CDS coconuts
Those Alt-A walnuts and all sorts of asset backed doughnuts
There ain't got FIG nuts like these over at AIG
We'll sell you all kinds of red herring,
Dark brown, and ball-bearing.
And yes, we have bailout bananas
We have bailout bananas for sale today.

]]> By: plukasiak http://curiouscapitalist.blogs.time.com/2009/01/13/citigroup-decides-that-it-was-almost-all-a-big-mistake/comment-page-1/#comment-12620 plukasiak Wed, 14 Jan 2009 12:42:12 +0000 http://curiouscapitalist.blogs.time.com/?p=3944#comment-12620 <i>The universal banking model that Citigroup was emulating is pretty well established in Europe, and doesn't invariably bring disaster. </i> _ why is this? Was it because European bankers were more "mature" -- that they'd learned to use their freedom responsibly based on past mistakes (as opposed to US 'kid in a candy store' practices)? Because they were better regulated? _ And if this is true, why did Europe have its own banking crisis? Was it because in order to stay competitive in a global economy they wound up adopting the "immature" practices of US financial institutions? Or because even "mature" practices were inadequate because of the cascading effects of US financial sector disaster? _ The universal banking model that Citigroup was emulating is pretty well established in Europe, and doesn't invariably bring disaster.
_
why is this? Was it because European bankers were more "mature" -- that they'd learned to use their freedom responsibly based on past mistakes (as opposed to US 'kid in a candy store' practices)? Because they were better regulated?
_
And if this is true, why did Europe have its own banking crisis? Was it because in order to stay competitive in a global economy they wound up adopting the "immature" practices of US financial institutions? Or because even "mature" practices were inadequate because of the cascading effects of US financial sector disaster?
_

]]> By: banzai7 http://curiouscapitalist.blogs.time.com/2009/01/13/citigroup-decides-that-it-was-almost-all-a-big-mistake/comment-page-1/#comment-12618 banzai7 Wed, 14 Jan 2009 04:52:14 +0000 http://curiouscapitalist.blogs.time.com/?p=3944#comment-12618 CITIGROUP BITES THE DUST (Another One Bites the Dust, Queen) WilliamBanzai7 Rubin, Reed, Pandit, Weil and Prince walk warily down the street, With their brims pulled way down low Ain't no sound but the sound of their slippery conniving feet, Fed machine guns ready to go Are you ready, Are you ready for this Are you hanging on the edge of your seat Out of the doorway the bust up bullets rip To the sound of the bailout beat Chorus Citigroup bites the dust Citigroup bites the dust Another universal bank gone, and another one gone Citigroup bites the dust Hey, their gonna get you too Citigroup bites the dust How do you think we're going to get along, Without you, when you're gone You took us for everything that we had, And kicked us in the financial groin Are you happy, are you satisfied How long can you stand the market heat Out of the doorway the bust up bullets rip To the sound of the bailout beat Chorus Citigroup bites the dust Citigroup bites the dust Citigroup bites the dust Citigroup bites the dust There are plenty of ways you can screw a man And bring his net worth to the ground You can cheat him You can fleece him You can feed him toxic financial garbage and leave him When its time to mark em down But we're ready, yes we're ready for you We're standing on our own two feet Out of the doorway the bust up bullets rip Repeating the sound of the bailout beat CITIGROUP BITES THE DUST
(Another One Bites the Dust, Queen)
WilliamBanzai7

Rubin, Reed, Pandit, Weil and Prince walk warily down the street,
With their brims pulled way down low
Ain't no sound but the sound of their slippery conniving feet,
Fed machine guns ready to go
Are you ready, Are you ready for this
Are you hanging on the edge of your seat
Out of the doorway the bust up bullets rip
To the sound of the bailout beat
Chorus

Citigroup bites the dust
Citigroup bites the dust
Another universal bank gone, and another one gone
Citigroup bites the dust
Hey, their gonna get you too
Citigroup bites the dust

How do you think we're going to get along,
Without you, when you're gone
You took us for everything that we had,
And kicked us in the financial groin

Are you happy, are you satisfied
How long can you stand the market heat
Out of the doorway the bust up bullets rip
To the sound of the bailout beat
Chorus

Citigroup bites the dust
Citigroup bites the dust
Citigroup bites the dust
Citigroup bites the dust
There are plenty of ways you can screw a man
And bring his net worth to the ground
You can cheat him
You can fleece him
You can feed him toxic financial garbage and leave him
When its time to mark em down
But we're ready, yes we're ready for you
We're standing on our own two feet
Out of the doorway the bust up bullets rip
Repeating the sound of the bailout beat

]]> By: jjworleyeoe http://curiouscapitalist.blogs.time.com/2009/01/13/citigroup-decides-that-it-was-almost-all-a-big-mistake/comment-page-1/#comment-12617 jjworleyeoe Wed, 14 Jan 2009 01:31:40 +0000 http://curiouscapitalist.blogs.time.com/?p=3944#comment-12617 Or, the government could be signaling Citi to divest of these trading arms, along with other regulatory changes coming down the pike, because one of the ways you increase employment is to break up companies. Two separate have to maintain their own overhead, which creates jobs. My guess is that Citi is simply getting ahead of the curve with regards to the direction of financial regulation we'll see under President Obama. Or, the government could be signaling Citi to divest of these trading arms, along with other regulatory changes coming down the pike, because one of the ways you increase employment is to break up companies. Two separate have to maintain their own overhead, which creates jobs. My guess is that Citi is simply getting ahead of the curve with regards to the direction of financial regulation we'll see under President Obama.

]]> By: curmudgeon57 http://curiouscapitalist.blogs.time.com/2009/01/13/citigroup-decides-that-it-was-almost-all-a-big-mistake/comment-page-1/#comment-12616 curmudgeon57 Wed, 14 Jan 2009 00:13:00 +0000 http://curiouscapitalist.blogs.time.com/?p=3944#comment-12616 Wow. This seems to indicate that Citigroup, who had the law changed to suit the actions they had taken, is now effectively saying "change the law back (except where we want it to remain as it is)." Isn't is a wonderful country where any multi-billion dollar corporation can buy just the law it wants? Wow. This seems to indicate that Citigroup, who had the law changed to suit the actions they had taken, is now effectively saying "change the law back (except where we want it to remain as it is)." Isn't is a wonderful country where any multi-billion dollar corporation can buy just the law it wants?

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