Late Sunday evening, Citigroup was bailed out for $20 billion from the Treasury's TARP Program. The government doesn't want to admit it, but if Citi wasn't given their bailout, it could've been a real possibility that one of the largest financial institutions in the world might someday declare bankruptcy. The United States government by this act is just delaying the fact that our financial system is unsustainable. We are indeed entering a socialist state by having our government take ownership in private corporations. GM, Chrysler, and Ford need money. I wonder if the government will take over Detroit as well.
Click here to see the terms of the agreement between Citigroup, the Federal Reserve, the Treasury, and the FDIC.
Posts
1 comment:
Very good analysis of what is going on. We need more insightful people such as yourself to educate what is really happening in the business/government realm!
Post a Comment