A look at the bailout from one of Citigroup's VPs

SouthToTheLeft

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Wed Oct-01-08 11:36 PM
Original message

A look at the bailout from one of Citigroup's VPs

Hey there,

I had the chance to sit down with one of the former VPs of Citigroup last night and talk to him about the current bailout proposal. With all the talking heads yammering away about it, I've found it very hard to even form a cogent opinion, let alone sort out salient information from rubbish.

He does a remarkable job of explaining the role and function of banks in society, what contributed to the huge losses banks have faced, and why the bailout is needed for society to continue to function in the way we'd like it to.

I've posted our conversation on my blog, here:

http://southtotheleft.wordpress.com/2008/10/01/heave-bailout-ahead/

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FreakinDJ

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Wed Oct-01-08 11:38 PM
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1. Deregulation has driven up the cost of Banking dramatically

that is why Banks are failing

Great during the "Mean Times" but they drop like Flies during the "Lean Times"

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hay rick

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Thu Oct-02-08 12:08 AM
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2. Good article. Thanks for the link.

Glad to see he mentioned leverage (magnifies risk in both directions) and the incestuous role of the rating agencies which gets short shrift in most of the discussions I have seen.

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