From Pine View Farm

“First Nationalized Bank” 1

I ask again, should I just make my next mortgage payment payable to the United States Treasury:

After two multibillion-dollar lifelines failed to shore up Citigroup, the government will increase its stake to 36 percent from 8 percent.

The chief executive, Vikram S. Pandit, will remain, but Citigroup will shake up its board so that it has a majority of independent directors, a move that federal regulators had already been pursuing. The moves come as the bank announced that its 2008 loss had spiraled to $27.7 billion, among the largest in corporate history.

And I still want the bozos that ran Citi into the ground to top out at a GS-15 pay rate (under “pay for performance,” they wouldn’t qualify for GS-5).


1 comment

  1. Marilyn

    February 28, 2009 at 11:28 pm

    Towards the end of ‘The Great Depression’, Social Security was created…and that is due to explode any day now.

    Socialized Banks fail…governments collapse…people forget what happened in Albania and Argentina recently and now governments are declaring bankruptcy…

    Playing by the rules does not always work because as we know, not everyone HAS been playing by the rules.