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Author: Subject: Citigroup Should Be Prosecuted

Extreme Peach





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  posted on 11/24/2008 at 12:14 PM
Not only did Citigroup tell its shareholders two months ago that it was not going to be effected by the credit crisis, it also was scooping up credit default swaps during this time. Citigroupís CEO said on 09/19/08 ďour capital and liquidity positions are strongĒ to assure their shareholders that the company had the resources to ďsupport clients during the tough timesĒ.
http://eastbay.bizjournals.com/eastbay/stories/2008/09/15/daily92.html?ana= yfcpc

Whatís even worse is the credit default swap scandal that is coming to the surface. Credit default swaps, or CDSís, are like insurance you can take out on financial institutions that pay off if the institution's securities go into default. It turns out that during this crash of financial institutions, the institutions themselves were taking out large positions in each others CDSís.

The problem with CDSís is that they are unregulated. It is not clear how deep this CDS conspiracy goes but it is evident that Citigroup was one of the biggest perpetrators. They werenít happy with just shorting each others stocks down in the open market; they had to take out secret insurance benefiting from the crash.

 
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Zen Peach



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  posted on 11/24/2008 at 12:18 PM
If there is justice in this country people who perpetrate thse actions will be prosecuted......unfortunately I don't know what's gone so far wrong that Martha Stewert goes to jail for a penny ante stock deal and so many of the men responsible for the state of this country today will probably walk away rich and unscathed.

 

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Zen Peach



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  posted on 11/24/2008 at 12:20 PM
I have a friend who is a loan officer at Citibank ...... he has a meeting tomorrow where 1 of 7 will be let go...... Happy Holidays.......

 

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Extreme Peach



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  posted on 11/24/2008 at 12:25 PM
Yeah, She only profited short term by about $40,000 selling her shares of Imclone. The sad part about it is that she sold at $45, and the stock is now at $70. She was definitely a scapegoat to make it look like the SEC was doing something. In the mean time the SEC sad idly by while their friends destroyed the entire financial Industry.
 

Zen Peach



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  posted on 11/24/2008 at 12:29 PM
This whole thing reminds me of the story about a cop who pulled over a speeder. The speeder asked, 'Why did you pull me over? Everyone else was going a lot faster.' To which the officer replied, 'You're the one I could catch.'

Watch for some lower level prosecutions.....they're not going to prosecute the real culprits but it will be like throwing a few bones to the howling public just to let everyone think they're doing something!

 

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Maximum Peach



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  posted on 11/24/2008 at 03:00 PM
quote:
Citigroupís CEO said on 09/19/08 ďour capital and liquidity positions are strongĒ


In all fairness, when these guys make these statements, many times the statements are true at that point in time. However, market conditions change so fast, that literally within hours, there could be a different scenario.

Incidentally, there is no "CDS conspiracy". Its just poor risk management. Claiming conspiracy is not really credible. What they were doing was writing a ton of cds and reaping large profits on these derivatives (which they paid off in bonuses, etc). Remember, bonuses are tied to the volume of business. In addition, the corporate default bets were laid during a time when optimism was high that there would never be another recession.

Probably not as much a conspiracy as more of a Laurel and Hardy risk management system: Another fine mess you got us into!!

 

Extreme Peach



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  posted on 11/24/2008 at 05:13 PM
CDSís are insurance policies that can be bought and sold and are not regulated or traceable. What these criminals have been doing during this financial meltdown, has been buying up CDSís on themselves and their peers, with full knowledge that the default rate on home mortgages would accelerate and that the CDSís would pay off.

What happened is like me being able to take out insurance on your house, and then burning it to the ground.

 

Ultimate Peach



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  posted on 11/24/2008 at 05:15 PM
I worked for Cit for a couple years... or as I called em, Sh!tigroup.

They are a dysfunctional organization to say the least.


 

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Extreme Peach



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  posted on 11/24/2008 at 05:19 PM
quote:
They are a dysfunctional organization to say the least.




I was using words like: Criminals, Scandal, and Conspiracy,

hahahahha

 

Zen Peach



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  posted on 11/24/2008 at 06:37 PM
quote:
I worked for Cit for a couple years... or as I called em, Sh!tigroup.

They are a dysfunctional organization to say the least.









Slowly now.










They



hired



Chris.

[Edited on 11/25/2008 by PhotoRon286]

 

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Zen Peach



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  posted on 11/24/2008 at 10:35 PM
And you are still an ahole.

 

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Zen Peach



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  posted on 11/24/2008 at 10:42 PM
http://www.cnbc.com/id/27892719

(You may remember Prince Talal, he is the one who offerred Mayor Giuliani $10 million after the 9/11 attacks as a good will gesture between our countries).

 

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True Peach



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  posted on 11/25/2008 at 11:37 AM
What I do not understand, a month or so ago they wanted to gobble up Wachovia. Then Wells Fargo wanted Wachovia. Then news of a big court battle between Wells and Citigroup. How can a unhealthy bank buy another unhealthy bank. Sounds like they were trying to position themselves for more of the bailout money.

We even have some very healthy local banks in our town that has applied for bailout money. It was in the paper, and they were not sure what they would do with the money. They spoke of ways to grow their business...... To me, it just doesn't sound right. You shouldn't use the money or be able to apply for funds if your a healthy bank.

There are some greedy executives out there for sure. If your business fails, stocks take a nose dive, and if your company are laying off workers, you sure as hell should not be getting the high income and bonuses you think you deserve. I say fire them all, there are plenty of able folks out very capable of running a business making far less money.

To me it makes more sense in laying off one person making millions than laying off hundreds making 20-30K a year. Some of these folks should be doing hard time in a hard prison. Not some lush apartment type prison where they still have a lot of amenities.

 

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Ultimate Peach



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  posted on 11/25/2008 at 02:08 PM
Rottinpeach, I think you hit the nail of the freakin head bro! It's all about what it takes to get the Governments Business Welfare Plan!

 

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