Monday, November 24, 2008

Citiigroup's No Questions Asked Bail-out -- Where's Their Plan?

OK, it's fair to ask the automakers what they intend to do with $25 billion that the taxpayers would loan them during this economic emergency.

It's fair to ask what sacrifices auto executives are prepared to make, such as flying commercial first class instead of in private jets.

But why weren't executives of Citigroup asked to do those things in order to get their second multi-billion-dollar bailout -- $20 billion on top of $25 billion earlier?

Citigroup did not have to beg in front of a congressional hearing. It just cut some kind of a deal with Secretary of the Treasury Paulson. Details to follow.

Former Labor Secretary Robert Reich explains the difference in the federal attitude toward helping Wall Street and Motown in this post linked to by Michigan Liberal.

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