Ted Forstman, of Forstman Little and Co, one of the suitors in the great takeover craze of RJ Reynolds in the late 80's, once described the use of junk bonds and other onerous forms of money as "wampum", referring to the items once used as currency by Native Americans for commerce.
Now, Citigroup has hosed the US Government again for a $20 billion infusion of cash, loan guarantees for $306 billion in so called toxic debt, which is slang for shitty loans that should never had been made or purchased. This goes on top of the $25 billion capital infusion Citi has gobbled under the TARP plan.
Now in Nixon Land, this sort of financial hi jinx gets several people fired and/or prosecuted for negligence or fraud. I really don't look for their to be any fall out in the upper echelon of Citigroup. Now the 50,000 or so employees of Citi facing layoffs as a result of this brilliant management coup will not be eligible for a government bailout.
Ain't life grand?
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