Love in a time of financial crisis
by flory
Another day, another $300 billion or so into the pockets of Wall Street multimillionaires. Early christmas presents I guess.
If you're interested in a good overall roundup of blogosphere reaction to the Citigroup bailout, this is a good place to start .
One reaction I would like to highlight:
I am surprised that the shareholders were not effectively wiped out as per Fannie, Freddie, AIG.
Not displeased - but somewhere I wish the government would get a happy medium somewhere - rather than one rule Citigroup and one rule for Fannie.
Personally, I'm not all all surprised that Citi's shareholder's weren't wiped out
Citi's largest shareholder? Saudi Prince Alaweed bin Sultan
Freddie Mac's largest shareholder? Bill Miller
AIG largest shareholder? Hank Greenberg
Don't even know who the last two are, do you? But Saudi princes are special people.
No big mystery why they get bailouts.
Oh, Flory...you're so cynical...I love it!
Posted by: NToddsPa | November 25, 2008 at 06:18 AM
flory connects the dots.
That explains everything. Sadly.
Posted by: Gummo | November 25, 2008 at 09:01 AM
Oh, flory - have you forgotten, already, that Bush has an MBA?
We'll just have to trust him on this one.
Posted by: Ripley | November 25, 2008 at 10:50 AM
Thanks for putting me in my place.
John H
Posted by: John Hempton | November 25, 2008 at 12:16 PM
Sons of Bitches.
Ah, the wonders of looking out for one's friends.
I'd spend more time considering it, only I'd never stop throwing up.
Posted by: Jemand von Niemand | November 25, 2008 at 02:24 PM
Hank Greenberg played first for Detroit in the 30's and 40's and is now in the Hall of Fame. He hit 58 homers in 1938 -- at the time, the second-best season total ever (after Babe Ruth's 60).
Posted by: Stuart Eugene Thiel | November 26, 2008 at 04:07 PM
To temper it a bit, remember that Citigroup is like, two or three orders of magnitude bigger than AIG.
Posted by: Indy | November 30, 2008 at 09:39 PM