More Money for Banks
The Federal Government has taken steps to bail out Citibank again, this is the third time. There is an adage on Wall Street, "Don't throw good money after bad". Obviously, this is not a concept that the Federal Government has embraced. Under Bush, Citibank was propped up twice, now the Obama Administration feels it was necessary for the third time. Someone needs to explain exactly why Citibank receives such favorable treatment. Lehman was allowed to fall, yet Citibank is somehow immune from this fate because the Federal Government seems intent on propping up this Bank which obviously had its own little pyramid scheme going on with its books. Citibank's last full-year earnings were reported at $159 Billion, it is mind-boggling that a company that has this kind of revenue stream is not able to maintain on its own. As the Federal Government continues to pour staggering amounts of money into propping up these bank supermarkets that gambled their money on Securities Ob...