ALL ABOARD FOR THE BAILOUT GRAVY TRAIN…

Posted on December 5, 2008. Filed under: News And Politics... |

 
Obama and the rest of the left Democrats told Americans that they’re all for working people.  They’re showing a different side now by ignoring us and awarding big corporations.  Now we have CitiBank, who’s stock has nosedived nearly 40%.  They profited handsomely by the repeal of the Glass-Steagall Act that Bill Clinton put in place, and got a handout in September from the government to the tune of $25 billion.  Seems it’s the same old "You wash my back, and I’ll wash yours.  CitiBank paid Bill Clinton a total of $700,000 for four speeches he delivered on the company’s behalf between 2004 and 2007, according to U.S. Senate financial disclosure statements filed by Hillary Clinton).  Now CitiBank is profiting yet again.  Why don’t they fire these CEOs who make record high salaries.  They’re the reason these banks and companies are going under.  If we were underperforming at our jobs, we’d be fired at the drop of a hat, but it seems when you have a lot of money, you can buy whatever you want.

The most expensive speech Citigroup purchased from Bill Clinton was an address given in Paris on March 12, 2004, which cost company $250,000.  According to Sen. Clinton’s financial disclosure form, that was the highest-paying engagement the former president had that year.

On September 13, 2006, Citigroup paid Clinton $150,000 for another speech. On November 15, 2006, Citigroup paid Clinton $150,000 for yet another speech. And on May 3, 2007, Citigroup paid Clinton $150,000 again for a speech.

Citigroup has received $25 billion of the $700 billion that Congress approved in October to bailout the financial industry.

Citigroup was one of the original participants in the government’s Capital Purchase Program, which provided participating banks with taxpayers’ dollars in exchange for non-voting stocks.

Since October 13, when Citigroup agreed to participate in the program, it stock has dropped dramatically.  It was worth $15.75 per share on that day.  On Friday afternoon, it was trading at under $4.00 per share.

Asked on Wednesday afternoon whether Citigroup felt it had gotten its money’s worth from President Clinton’s $700,000 in speeches, Citigroup spokesperson Shannon Bell told CNSNews.com that the company had no comment at this time on the former president’s honoraria.

Robert E. Rubin, who served as secretary of the Treasury under President Clinton, joined Citigroup as a director and as chairman of the Executive Committee of the Board.  Currently, according to his bio on the company’s website, he serves as both a director and counselor.

The New York Times has described Rubin as a “key adviser” to President-elect Obama.

 
The money that CitiBank has been throwing around is appalling, especially after they paid millions for the naming rights of the New York Mets ballfield.  They want it renamed as "City Field".  However, New York lawmakers are calling for the New York Mets stadium to be renamed, "Citi Taxpayer Field."  Citibank has the naming rights for Citi Field.  They paid millions for it. But after the banking giant’s $300 billion bailout, some are demanding a name change.  Look at this…
 
 

Now the corrupt three, CEOs from Ford, Chrysler and GM, are putting their tails between their legs, albeit temporarily, to beg for another $25 billion…no, wait, now it’s upped to $34 billion!  As in the previous hearing, members of the Senate Banking Committee were interested in the mode of transportation taken from Detroit to the nation’s Capital.  The corporate jets have been temporarily garaged in a symbolic gesture to their expensive travel habits in the face of financial disaster.  We all know this is all for show, and that they’re so used to living the high life, that they will not be able to live like we do for very long.  Senator Richard Shelby, R-Ala., who opposes the bailout, asked the big three automakers if they did the driving themselves and if they planned to drive back to Detroit.  They all admitted to doing some of the driving and that they would drive the 520 miles back to Detroit in their new hybrid vehicles.  It’s not hard to imagine these high-powered executives grinding their teeth as they put their feet to the pedals on their journey to make their case before the Congress and the American people, who according a CNN poll, are not favorably disposed to a bailout.

These CEOs have brass balls to approach Congress for even more money than their original pleas.  They already got $25 billion and down the road, who’s to say that they won’t end up going bankrupt anyway even if they do get more money from Congress?  The writing is clearly on the wall, these CEOs ran their companies down into the ground so let them hit the ground as well…fire their corrupt butts and get people in there who will be able to pick up the pieces and rebuild these companies.  It’s obvious that these CEOs don’t know how to run their companies.  Why hold onto incompetent screwups?  Nobody is indispensable, and these three stooges are no different.  As I stated in a previous post, they’re using the loss of millions of jobs by auto workers as a bargaining tool.  Just like the cowards that they are, they use the auto workers as shields to keep the high-paying CEOs out of the line of fire.  This seems to be the year of change, so maybe it’s time to change the leadership in these positions.  It’s disgraceful how they have spent money foolishly and are clueless about it.  Mulally spent $760,000 on "personal" (not business) corporate jet use.  He has total compensation of $22 million.  Ford also gave away free computers to its employees in 2000 when it was losing market shares!  This year, Ford gave out huge bonuses to its management in 2008 even though the company is going down!  GM’s CEO, Rick Wagoner was quoted as saying in his testimony, "What exposes us to failure now is not our product lineup, or our business plan, or our long-term strategy.  What exposes us to failure now is the global financial crisis, which has severely restricted credit availability, and reduced industry sales to the lowest per-capita level since World War II."  Give me a break!  It’s because of all of the above, you clueless fool!  How convenient to use the economy as the reason for their downfall.  This has been simmering for some time, now, and not because of the recent bust in the economy.  This only exacerbated it.  They are all wimpering cowards now.  They should be men and shoulder most of the blame for their companies’ downfall.  Why should we have pity on them when they have all lived like kings for decades?

They are rewarding mismanagement the same way that AIG did.  Congress rewarded AIG for their mismanagement, and did they learn to rein in their freespending ways?  No!  They went right out after their bailout and rewarded their employees with an expensive spa retreat!  What is wrong with this picture, people?!  Now the three stooges are looking for another handout from us?  If this goes through, there will be a lot of disgruntled taxpayers, myself included.  When is this bailout going to stop?  Where is all this money going to come from?  Look at what the Dow is doing.  It’s been a downward spiral because of all this bailout crap.  I’m not looking at my IRA because if I do, I know I’ll be IRAte at how much it has plummeted.  Hey, if we have to roll with the punches, so should the elite idiots!

QB

 

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