Labor & Employment Law

Thoughts on the Citigroup bailout.

By Dobin & Jenks

So Citigroup is the latest institution deemed "too big to fail." Here's the part I don't understand. The New York Times is reporting that Citigroup is going to get $306 billion in guarantees and an infusion of $20 billion.

Isn't this the same Citigroup that was whining that it should have been permitted to purchase ailing Wachovia? Isn't this the same Citigroup that has sued Wachovia and Wells Fargo becuase it ended up the loser in that deal? Did the Feds tell Citigroup to stop stupid litigation while they were at it?

There shouldn't be anything that is deemed "too big to fail." What happened to "Joe the plumber?" Has he now been forgotten? Have all the small and large businesses that are struggling to make a profit and pay taxes been forgotten? I'm disgusted by this.

When a financial giant like Citigroup makes bad decisions, the government bails them out. When small businesses make bad decisions, the government is nowhere to be found. Make up your minds, folks.

That's the ticked-off view from The Law Planet - Jupiter, Florida

Full post as published by The Law Planet Blog on November 24, 2008 (boomark / email).