Citigroup the Latest to Privatize Profits and Socialize Losses
I’ve said it before, but shouldn’t the executives who ran these companies into the ground be handing back the bonuses they received for doing so before you and I hand them a check for another $20 BILLION?
Maybe Citigroup shouldn’t have poured millions of dollars into the naming rights for the new Mets stadium if things were so tight? On the other hand, since you and I are now directly putting up the money to give Citigroup naming rights to the new Mets stadium, maybe it should be called, “John Q. Taxpayer Memorial Stadium” or “Mets Field: Financed entirely with public money, but we’ll keep the profits thank you very much.” or something..
One other thing.. According to recent conventional wisdom regarding bailouts of private companies, if the average salary of the employees at Citigroup is higher than any of their competitors, we have no business helping them out. After all, if they made poor decisions for years that led to the need for a bailout, it’s the fault of how much they’re paying their workers, right?
My point is this: It continues to amaze me that the power that be – and by that I mean the current administration, you know, the ones who’ve been in charge for 8 years – have no problem throwing money with no requirements or preconditions for how it’s used at the big financial firms, but when it comes to companies that create hundreds of thousands of jobs which happen to be held by those in unions, the well is suddenly dry.