The Citi Sleeps … with the Fishes
Somewhat ironically, to be found in the same Monday edition of the Wall Street Journal whose front page reports that Citibank is about to sell its soul to the feds is a full-page puff ad about a CSR microfinance effort by the bank.
The ad closes with the bank’s slogan: “the Citi never sleeps.”
The Citi is about to sleep all right … with the fishes.
Get this: America’s once-biggest bank is so desperate for survival that it is asking the Feds to take a bigger share in the bank without giving up another dime … by converting a portion of the government’s preferred shares holdings in the institution to common shares. Common shares look better on a balance sheet because common shareholders have a lesser claim on the bank’s assets and because preferred shareholders generally receive regular payouts.
So instead of a mess of pottage, Citi is selling its birthright … actually, its right to life, liberty and the pursuit of profit … for a mess of paper.
If you really believe that the feds will be able to keep their mitts off Citibank and not force it into politically-driven activities of the types that got the financial system into such a mess in the first place, all you need to do is check out another story further back in the selfsame edition of the Journal, about the bankruptcy financing Treasury is lining up for General Motors and Chrysler as a contingency (read: probability) if its bailout plans fail.
The report notes that:
Lenders are reluctant to commit funding to GM or Chrysler for several reasons — mostly concern they won’t get all their money back. Recently, the government advisers have begun aggressively courting big lenders Citigroup Inc. and J.P. Morgan Chase & Co. — themselves government-aid recipients — to participate in any bankruptcy financing, said people familiar with the matter.
Do you wonder a) just why Citi doesn’t want to participate in the biggest bankruptcy financing in history b) what form that “courting” will take if the government controls 40 percent of the bank (the same kind of “courting” Vito Corleone offered to the movie producer on behalf of Johnny Fontaine, perhaps?) and c) what will happen to Citi if it is “courted” to make such a highly politicized loan to a basket case company … and doesn’t get paid back? (Not to mention the “courting” the bank is certain to get to participate in the Sun King’s mortgage bailout plan.)
Just ask Luca Brazzi.
And, as Michelle Malkin makes clear, look out below.
1189 Comments to The Citi Sleeps … with the Fishes
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[…] is organizing Central Florida Freepers for a coordinated effort. Michelle Malkin’s round The Citi Sleeps … with the Fishes - bobmaistros.com 02/24/2009 The Citi Sleeps … with the Fishes Somewhat ironically, to be found […]
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