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Socializing Loses, but Privatizing Profits. by Kyle Rogers

Despite being majority foreign owned! (Saudi Arabians are it’s largest share holders.) Despite shipping thousands of American jobs to Asia over the past two years. Despite several major scandals in multiple countries in just the past two years. Despite it all, the United States government gave Citigroup a massive bailout package in November. It was the largest bank bailout in history. The Federal government agreed to absorb 90% of Citigroup’s loses! Citigroup has received $20 Billion already with pledges from Uncle Sam to receive another $25 Billion. The Federal Government has also agreed to back nearly a third of a trillion dollars worth of Citigroup loans. No ones has any idea how many billions this will eventual cost the government.

In return the Federal Government gets a bunch of crapy Citigroup Stock, which has lost over 90% of it’s value over the last two years. Did we mention that Citigroup is the 16th largest political campaign contributor in the US. The money the give is split evenly between Democrats and Republicans so both parties are in their pocket.

Fresh from being bailed out, what does Citigroup do? They go out and by Spanish company that builds and runs toll roads for $10 Billion dollars. Then they liquidate some of that companies assets for $800 Million. They also hope to get a contract to build a new toll road in Pennsylvania in 2009.

So how much will the taxpayers get from Citigroup if they make a fortune off these toll roads. Absolutely nothing. Money goes from taxpayers, to government, to international corporation. Corporation gives huge contributions to politicians. Taxpayers get nothing. In fact, rumor has it, that Citigroup is about to begin another round of outsourcing American jobs to Asia.