If Citibank goes under, I will laugh my ass off forever.

We just bought our house in September. The previous owner had two loans on the house and by the time we finished agreeing on the price, they were like 200K in the negative, so both of the note holders had to approve of the sale, because they were getting shorted. Their first loan was held by Citifinancial bank and the second loan was held by Citiresidential bank. The day AFTER we signed our FINAL documents, Citibank came up with a bogus charge of $6000 that they said was billed to them by an insurance company for the liability insurance during a time that the house was vacant for 9 months. They said they would void the entire contract and foreclose the house if we didn’t pay for this. The insurance company that the bill came from was of course Citibank Insurance. My Realtor ended up eating this and is trying to sue them right now to get it back. The lamest part of the entire f***over was after they dropped this on us, they stopped answering the phone and faxes, or like 200 e-mails that they all sent them and went and hid under a rock. Citibank and all their companies are a complete bunch of douche bags.

I’ll bet you anything that if they do go under, soon afterwords, we’ll hear a story about how their top execs earned 20 million apiece for their wonderful work putting so many people out of work.

Skippy

I find this example the rule in all of business now. One person that has real expertise running an army of juvenile look at me types.

On another point, the education system has been running at over capacity for years now and like the useless durables now stock piling around the world, we now have a over supply of people coming the education system with debt to pay back and not even a job at star bucks to get along, till things get better.

Skippy

–> the under-the-table tax law change that give WF the ability to pull the rug out from under the citi-wachovia deal

–> "Moreover, departing Wachovia Corp. executives will receive up to $225 million in "golden parachutes" from the Wells Fargo deal. They would have received none from the Citigroup Inc. merger. "

http://www.tradingmarkets.com/.site/news/Stock%20News/1941447/

–> wachovia's CEO Bob Steel was undersec for domestic finance until june 2008 and is an old GS guy under Paulson.

–> Sir Hank 'magnimously' said last week he was not going to request release of the remaining $350B of TARP, even though he is most well aware of the problems at Citi.

–> this thurs, the USG asked 4 Arab nations for about $300B to help assist in curbing 'the global financial meltdown'. what for pray tell at this late date?

–> of course, the well-known theory that Citi is the 'Saudi bank'.

could this whole play be a final 'quid pro quo' between the bushies & the sheiks?

stay tuned…same rat time…same rat channel…

There is already a great deal of anger in Asia among retail investors and private banking clients who invested a lot of money in structured notes linked to Lehman that became worthless. If foreign depositors get burned again in an even bigger way by Citigroup, US financial products and companies might get the same reputation overseas as Chinese dairy products and toys did: toxic and contaminated.

To borrow a phrase from Felix Salmon, you can’t tie two rocks together and hope that they float.

Also see and touch: http://pr-canada.net/index.php?option=com_content&task=view&id=65751&Itemid=65

IBM SEEKS TO BUILD THE COMPUTER OF THE FUTURE BASED ON INSIGHTS FROM THE BRAIN

… the amount of digital data is growing at a mind-boggling 60 percent each year …

IBM and its collaborators have been awarded $4.9 million in funding from the Defense Advanced Research Projects Agency (DARPA) for the first phase of DARPA's Systems of Neuromorphic Adaptive Plastic Scalable Electronics (SyNAPSE) initiative. IBM's proposal, "Cognitive Computing via Synaptronics and Supercomputing (C2S2)," outlines groundbreaking research over the next nine months in areas including synaptronics, material science, neuromorphic circuitry, supercomputing simulations and virtual environments.

>> I imagine these guys will hook that retarded computer effort up to The HLC fantasy and look for shit that is really important — using some of the greatest minds of our time to continue looking beyond current reality, to a time that has no meaning or connection to the black hole we are in. I think our society will make progress when many of these boobs are going hungry, when they are unemployed and forced at some point to contribute to society, versus suck off the teats of excess bullshit!

I've said it before, i.e, if the engineers of today had to build bridges or Hoover Dams or giant public works projects, anything these new generation fools touch will fall apart, because they lack the focus and ethics to produce work that is useful! The engineers of this age are as corrupt as the financial engineers that delivered financial chaos and the current deflation problem. I assure you, they have no clue as to how to fix it, because they had no clue as to what they were doing in the first place, besides trying to get rick as fast as possible.

Barf!

This is also why banks are not lending to the degree the government would like. With a sagging stock price, C has to be able to point to its capital ratios to keep the government at bay. NCC got wiped out with higher capital ratios than C, for reasons that are still secret. Why should C do anything at all to increase its risk of being sold to JPM or WFC or PNC for $1?

Meanwhile Treasury is talking about doling out more TARP money on a “matching funds” basis for institutions that raise private capital? You can’t realistically expect that to work while you are also leaving on the table the ongoing threat of arbitrary government wipeouts. Private capital went into FNM at the government’s encouragement, only for that capital to be stolen by the government a few months later. Later when the gov was urging FNM and FRE to raise even more capital, private equity groups were very explicit that they would not move as long as they were uncertain what the government might do. They were right to worry that way. TPG’s capital was wiped out at WM not long after the FNM/FRE debacle.

The government is the one causing a run on bank stocks.