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November 24, 2008

US Cash to rescue Citigroup = BAD IDEA

UNITED STATES - While we should all be in favour of the United States helping out the automotive industry to change its direction and shift to hybrid cars/hydrogen cars... bailing out the Citigroup, on a very basic level, is nothing more than a scam.

The Bush Administration decided today to give Citigroup an additional $20 billion to bolster its failing sales. Regulators hope the dramatic action will bolster badly shaken confidence in the once mighty banking giant as well as the U.S. financial system.

The $20 billion cash injection by the Treasury Department will come from the $700 billion financial bailout package. The capital infusion follows an earlier one – of $25 billion – in Citigroup in which the government also received an ownership stake. Citigroup stocks however have plunged in value 60% in the last week alone.

Citigroup and its umbrella network of banks like Citibank and other organizations operate on a basis similar to a pyramid scheme. That is putting it lightly. Citigroup IS a pyramid scheme, but on a massive scale. The company should best be described as leech. It sucks money off its clients and customers, pays their executives and managers extremely well and operates on a high-pressure sales pitch. In other words they're all fluff and no substance.

We recommend people boycott anything remotely connected with Citigroup. We don't trust them. And we're not alone either. If you do a Google search for the words Citigroup and scam and you find 471,000 sites and a variety of fraud charges.

You'd think the USA would think twice about giving $20 billion to a company with a history of corporate crime.

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