Monday, May 4, 2009
Obama Plans To Nationalize Citi Bank
Citi Bank says that it may need to raise another $10 Billion Dollars
in new capital---Obama to the rescue?
The taxpayers have already loaned Citi Bank Billions, on the
27 February I wrote here that Citi Bank has received three cash infusions and that the Obama Administration may nationalize the banking giant by converting it's preferred stock into common stock.
Remember when George Bush promised Socialism was needed but only temporary---Riiight !
The Obama Administration track record for bailing out companies and nationalizing them has proven to be a dismal failure--Chrysler is now in Bankruptcy and Government Motors may soon follow.
Only the free marketplace can save Citi Bank from disaster, bailouts have only extended a companies economic deterioration.
More here from Crain's NY Business