THe CRoMNiBuS OF LiBeRTY...

williambanzai7's picture

"Citigroup is a very large bank that has amassed a huge amount of political power. Its current and former executives consistently push laws and regulations in the direction of allowing Citi and other megabanks to take on more risk, particularly in the form of complex highly leveraged bets. Taking these risks allows the executives and traders to get a lot of upside compensation in the form of bonuses when things go well – while the downside losses, when they materialize, become the taxpayer’s problem.

Citigroup is also, collectively, stupid on a grand scale. The supposedly smart people at the helm of Citi in the mid-2000s ran them hard around – and to the edge of bankruptcy. A series of unprecedented massive government bailouts was required in 2000-09 – and still the collateral damage to the economy has proved enormous. Give enough clever people the wrong incentives and they will destroy anything.

Now the supposedly brilliant people who run Citigroup have, in the space of a single working week, made a series of serious political blunders with long-lasting implications.

Their greed has manifestly proved Elizabeth Warren exactly right about the excessive clout of Wall Street, their arrogance has greatly strengthened a growing left-center-right coalition concerned about the power of the megabanks, and their public exercise of raw power has helped this coalition understand what it needs focus on doing – break up Citigroup."

Simon Johnson: Here

 

 


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WB7:

Why only SHITI?

 

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Why not confiscate thie TBTF Whale's nailgun and send him to the wolves?

 

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And while we are at it, someone hand a nailgun to these TBTF Bitches.

 

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Shekels's picture

In the meantime the ISIS leadership is at home in Tel Aviv celebrating Hanukkah awaiting further orders.

silentboom's picture

Maybe soon to join up with CIAlquaeda.

overmedicatedundersexed's picture

thanks again, mr bill. funny post for me was a ZHer 's "stupid fucking repubs" call them idiots, call them stupid fucks"..but they are like serpents, and are well rewarded for these stupid laws..not stupid not idiots, just run of the mill very lucky sociopath criminals..I wish the coming year no one on ZH calls them stupid idiots, they can trade on insider info legally, can you?? go meet these pols and you will see intelligence, w/out morals..there can be no mercy for the likes of these banksters and pols, they know fully what they do.

therearetoomanyidiots's picture

Anything, and I mean ANYTHING that gives Elizabeth Warren credit for having a brain or doing the right thing, is nothing but political strategy to propel her the white house.  

This woman is of the highest level of maniacal insanity and so are the people that put her in office.  

That being said....even a blind squirrel finds a nut once in a while.  

Stud Duck's picture

Keep pouring it to'em, William. The right flank is showing real weakness, the left flank is out of ammo, keep pouring it to 'em!!

Al Tinfoil's picture

CRomnibus is a declaration that Wall Street is in complete control of the USA - Dodd-Frank gutted, and the public put on the hook for the derivatives mountains, while Jamie Dimon rallies the troops to vote for it and the public interest is not only disregarded, the public is treated with absolute contempt by all involved in passing it.  Citi even wrote the amendments to the bill.  

CRomnibus is Wall Street's Declaration of Independence from law and regulation, and Declaration of Soveriegnty and Ownership over all the American people.

tip e. canoe's picture

For Immediate Release
Citigroup Inc. (NYSE: C)
May 6, 2013

Kuwait Investment Authority Hosts Larry Summers in Kuwait Former U.S. Treasury Secretary discussing global economic outlook Event falls within a series of high-profile speakers hosted in the country Kuwait City – Kuwait Investment Authority (KIA) today hosted Larry Summers, former U.S. Treasury Secretary, as guest speaker at the “Global Macroeconomic and Geopolitical Situation” seminar, held at the Arraya Ballroom, Courtyard Marriott.

Arranged together with Citi, the seminar was attended by 350 business heads and top decision makers in the private and public sectors. On his debut visit to Kuwait, Mr. Summers, currently Charles W. Eliot University Professor and President Emeritus at Harvard University, presented an interesting overview of global economic environment, while his compelling views and arguments opened the floor to a healthy debate with much focus on Kuwait’s position in the current geopolitical and geo-economics space.

Ozgur Kutay, Citi Country Officer for Kuwait, agreed. “Citi is pleased to co-host engaging thought leadership events in Kuwait, in full partnership with KIA. Such events add value to clients and to the business community at large. They fall within our mission as a corporate citizen and responsible market player.”

http://www.citigroup.com/citi/news/2013/130509c.htm

~~~~

Oil price recovery depends on how long some producers, especially from shale and oil sands, can endure while pumping at a loss, Kuwait Oil Minister Ali al-Omair tells parliament, according to state-run Kuna news agency.

http://www.zerohedge.com/news/2014-12-16/maybe-everythings-not-fixed-sp-...

~~~~~

any questions?

"There is no Plan B" - Timmy G.

williambanzai7's picture

We can oinly hope his plane flies over Faluja.

Manipuflation's picture

They must think we forgot about 2008.  No, we didn't and we won't. 

https://www.youtube.com/watch?v=U73dfpQ4YGg

rosiescenario's picture

This deal for the banks is just the most recent example proving that our current government is managed by special interest groups whose interests are always at odds with that of the tax paying citizen.

 

The current open borders policy coming from D.C. damages every average U.S. citizen and most damages the black community. It benefits those seeking cheaper labor and more people to sell products to. It is amazing to me that the black community and the labor unions have not been howling about that issue.

 

...and then you have Obumacare....the only group apparently benefitting from this has been the health insurance industry...we now pay higher premiums for far less coverage and massive deductibles.

 

etc.

 

 

dexter_morgan's picture

Wow, worth a listen - tells it like it is!!

http://therightscoop.com/mark-levin-to-the-gop-i-am-one-inch-away-from-l...

THIS GUY IS EXACLY RIGHT - THE STuPID FUCKING REPUBLICANS JUST CERTIFIED OBAMACARE AND THE FUCKING ILLEGAL AMESTY EXECUTIVE ORDER WITH THIS BILL, ALONG WITH THE 300 TRILLION!

 

FUCKING IDIOTS!!!!

williambanzai7's picture

Apparently they and the Democrats are not stupid.

As every good dog knows, never bite the hand that feeds you.

piceridu's picture

William...absolutely brilliant...again!

dexter_morgan's picture

dogs they are. stupid we are I guess for tolerating these assholes on b oth sides.

ShakaZulu's picture

"He who loves silver will never have silver enough to satisfy him" Solomon

nmewn's picture

"Their greed has manifestly proved Elizabeth Warren exactly right about the excessive clout of Wall Street, their arrogance has greatly strengthened a growing left-center-right coalition concerned about the power of the megabanks, and their public exercise of raw power has helped this coalition understand what it needs focus on doing – break up Citigroup."

I would say not just Shitigroup but Morgue, the Squid and impose a 75% levy on any transactions Soc Gen, Deutsche Bank, Barclays, Bank of Nova Scotia and HSBC do in America for money laundering, forex rigging and basically fucking up the metal market.

No way in hell I can support anything else Fauxcahontas says but in this, she's dead on and after the Cramnibus I want them all hung out to dry.

exi1ed0ne's picture

Why would the US break them up or let them fail?  They are incredibly useful tools for manipulating everything, and act as an agent of government to further political goals.  If they were to be allowed to fail or be broken up then I can't imagine the immense pile of dirty laundry that would creep into the sunlight - quite assuredly implicating several administrations of fraud and treason.  That will never be allowed to happen.  Ever.

The US is occupied territory with a population deep in Stockholm's syndrome.

Ghordius's picture

see it as the same quandary as with nuclear arms, or any kind disarmament talks

"I would say not just Shitigroup but Morgue, the Squid and impose a 75% levy on any transactions Soc Gen, Deutsche Bank, Barclays, Bank of Nova Scotia and HSBC do in America for money laundering, forex rigging and basically fucking up the metal market."

not necessary. You break up your megabanks on your side of the pond, and we europeans will follow up and break up ours

with glee. The same glee that the EU Parliament used when it legislated a Banker Bonus Cap which is causing so much bellyache in London

take Deutsche Bank. Where is it really "operated"? From London. Where do their Masters of The Universe come from? The US. Example: Jim Reid, from whom we read every day here on ZH

and the craziest but sadly true thing about the whole business is that HR companies recruiting banking "talent" for London used "psychopath" tests to select legions of them, which is the main reason why so many Americans work for megabanks in London, the pool of candidates from US universities being broader, and so having more of those highly intelligent and scruple-free "sociopaths" that are so well adapted to the higher management levels of the megabanks

williambanzai7's picture

There are plenty of English grads but they are too busy spending the afternoon shagging the receptionist and/or more than likely their former colleagues from boarding school.

Ghordius's picture

lol. when I was their age, I did the same. btw, you have a point, there, those "Yankees" in London's banks have a lot of drive. I don't mind them being Americans, and I don't mind them being selected for their "sociopathy". What I mind is that they have literally no anchor to the realities of the rest of the world, and are trained to look away from them

an entrepreneur is usually slightly psychopathic. I am so, I should know. Psychopathy just means you have to learn empathy the hard way, reasoning about it instead of just "feeling it". age helps

a small company is a bit more psychopathic. the reason is this deferment of decisions to often that part of the small company that has the least emotional attachment to the issue

a big company is fully psychopathic. you only have rational functions, there, and any emotional intelligence has to be grafted on it through meandrious internal or external regulations

a megacompany with the full panoply of lobbyists is fully insane. to the point that the thrust is given by what lobbyists can achieve and lawyers can mend

a banking megacompany, i.e. a megabank is beyond insane. not only emotional realities don't stick, even physical realities start not to count anymore

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break them up

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oh, and I'm really astonished that all my comments about the EU Banker Bonus Cap just seem to zip over the heads of the ZH readership. a sign of divergence, perhaps

williambanzai7's picture

I spent a fair bit of time in the City at one point, I can tell you quite a bit of what goes on there and by whom. They are all psychopaths The Englishmen are expert at backstabbing and lying with a straight face. They of course designed the big bang which created the bankster Liberia that attracted the Americans. The Americans converted the whole thing from a 9-3 gentleman's club into a 24/7 Global Ponzi business. Clearly, the Americans know a thing or two about backstabbing.

There are lots of banksters in Hong Kong and I avoid going near them. In the past five years they and the Mainland Chinese tourists have literally spoiled large swaths of Honk Kong Island.

All I will say for now is the American Psycho in Hong Kong turned out to be an Englishman.

tip e. canoe's picture

very insightful analysis Ghordo.

so, would it be fair to say that an organization's psychopathy has an inverse relationship to the personal accountability & responsibility of its participants,

with those participants weighted based on their position within the organization?

that would mean that the entire corporate/LLC structure would need to be dismantled and restructured to have any sort of meaningful effect.

otherwise, break a few up and others just rise up in their void. look at Standard Oil for instance.

and don't even get started on large, byzantine governmental bureaucracies...

joego1's picture

Yeah and Maxine Waters even looks reasonable at this point in time. Is this the twilight zone? Have we hit the event horizon?

gaoptimize's picture

What is the "F" word in TBTF in the last picture?

Anglo Hondo's picture

The "F" word is "Fold",  as in "Find a Fold and fuck it", before it fucks you.

joego1's picture

Jamie in all his glory. Someday.........