I Thessalonians 5:20, 21

Do not despise expounding of scripture, but scrutinize all things. Hold fast that which is right.

Malo periculosam libertatem quam quietum servitium

- I prefer liberty with danger to peace with slavery.


See also Kerux Replies at Wordpress.com where all future missives will also be posted.

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Sunday, December 07, 2008

Hello, Americans, Bailed Out Citigroup Just Ripped You Off

In support of what was said here: The Two Economies

However, it was the financial world that got bailed out - not the real world. Those Wall Street conglomerate banks - those "too big to fail" - received public money at taxpayer expense - in the billions. With those billions they are now able to buy up the companies that their greed, mismanagement, fraud and other nefarious activity in large part caused to go bankrupt. With public money - these financial behemoths are now poised to buy up real assets and infrastructure needed in the real world to produce real goods and services.

We have this:

Bailed-Out Bank Goes on Toll Road Buying Binge

Just one week after receiving a pledge of $306 billion in support from US taxpayers, Citigroup announced the intended $10 billion acquisition of a debt-laden Spanish toll road group. Citi Infrastructure Partners will hand over $3.6 billion in cash and assume $6.3 billion in debt from Sacyr Vallehermoso, the parent company of the Intinere Infraestructuras toll road group. Itinere operates 32 toll roads in Brazil, Chile, Costa Rica, Portugal and Spain and Ireland. Another twelve concessions are under construction. Sacyr today issued a statement to Spanish investors noting that the company succeeded in offloading 37 percent of its total debt to the US firm.
Bailed out Citigroup fund spends $10 billion buying 44 foreign toll roads.

Bailed-Out Bank Goes on Toll Road Buying Binge

A few questions:

Wasn't that "support" from US taxpayers supposed to go for loans to American consumers?

What is Citigroup, on the verge of bankruptcy, doing buying infrastructure?

What is Citigroup, on the verge of bankruptcy, doing buying infrastructure in foreign countries?

Don't those toll roads Citigroup is buying actually belong to the US taxpayers?


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