Loading ...This is the good people from CNBC, who knows a thing or two about finance:
I don’t know if the government can come in and cancel the deal, but that may be another way the deal goes away. Personally, I don’t think it will happen, lots of banks took TARP money and their deals won’t be canceled.
Also about half of the 52,000 job cuts are coming from asset sales, meaning these people won’t lose their jobs through Citi, rather they are selling these divisions, so those jobs won’t be part or Citi anymore.
Here’s a really good article on this from ABC News.
Posted under Citi Field
This post was written by Joe McDonald on November 25, 2008
Jon, I think the one thing to remember in these deals is what percentage the naming rights deal against the bailouts. With AIG, it was less than 1%….For Citibank, it is 2.86% ($400M/$14B)…..Cutting these deals alone will not really accomplish much.
Also remember the TARP money is an investment into preferred stock. The govt is getting income from this money, which is eventually going to be called.
How much did the Mets and citi pay you to lick their behinds like this..? Its one thing to support them, but this isd abso;lutely pathetic.