futurepilot16
Posts: 1756
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Citi To Repay $20 Billion In Bailout Money

Mon Dec 14, 2009 6:37 pm

Quote:
NEW YORK - Citigroup said Monday it is repaying $20 billion in public bailout money, freeing the banking giant from the close scrutiny and pay restrictions that came with the rescue program. The government will also sell its stake in the company.

The key words here are " The government will also sell it's stake in the company". If this does happen, which I think it will, then will republicans keep throwing the word socialist out there? Of course they will, but maybe they'll tone it down a bit. (Yeah right)  

http://www.msnbc.msn.com/id/34412816/ns/business-us_business

[Edited 2009-12-14 10:45:34]
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NIKV69
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RE: Citi To Repay $20 Billion In Bailout Money

Mon Dec 14, 2009 6:43 pm

Non issue really. The companies that don't want to be told what to do have to give it all back. Which they are doing. Has nothing to do with calling Obama a socialist. His views and those of Pelosi are what lead people to believe that. Not a bank.
Hey that guy with the private jet can bail us out! Why? HE CAN AFFORD IT!
 
MD11junkie
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RE: Citi To Repay $20 Billion In Bailout Money

Mon Dec 14, 2009 6:43 pm



Quoting FuturePilot16 (Thread starter):
" The government will also sell it's stake in the company"

Wouldn't the Citi's USD 20B return would actually buy back the Government's stake in the Group?

Is the Bank of America out of the "bailout fund" yet?

Saludos,
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fxramper
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RE: Citi To Repay $20 Billion In Bailout Money

Mon Dec 14, 2009 7:05 pm

CriminalGroup? The day they cancelled a bunch of gas cards nationwide they sent me a letter for updating card agreement; they wanted to up finance rate to 29.99%! Too bad I paid the balance and cancelled the reward card two days before. Good job, CriminalGroup!
 
Cadet57
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RE: Citi To Repay $20 Billion In Bailout Money

Mon Dec 14, 2009 7:16 pm



Quoting MD11junkie (Reply 2):
Is the Bank of America out of the "bailout fund" yet?

Yes, they paid back all their money last week.

Quoting Fxramper (Reply 3):

What did they do that was criminal? Poor business practice? Sure. Criminal? i'm not sure.

Quoting NIKV69 (Reply 1):
is views and those of Pelosi are what lead people to believe that. Not a bank.

 sarcastic  Here we go again....
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muzyck
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RE: Citi To Repay $20 Billion In Bailout Money

Mon Dec 14, 2009 7:25 pm



Quoting Fxramper (Reply 3):
The day they cancelled a bunch of gas cards nationwide they sent me a letter for updating card agreement; they wanted to up finance rate to 29.99%!

All banks will end up doing the same thing as a result of new "consumer protection" legislation. In the future the banks wil not have the ability to raise the rates of those that fail to make payments. Consumers will be locked in. Banks will balance this by raising all rates. In effect, the legislation will increase the burden on those who have good credit.
 
futurepilot16
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RE: Citi To Repay $20 Billion In Bailout Money

Mon Dec 14, 2009 7:36 pm



Quoting Fxramper (Reply 3):

This is why i'm looking at alternative ways to gain credit. A credit card is just plain suspect if you ask me
"The brave don't live forever, but the cautious don't live at all."
 
Maverick623
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RE: Citi To Repay $20 Billion In Bailout Money

Mon Dec 14, 2009 7:58 pm



Quoting Muzyck (Reply 5):
In the future the banks wil not have the ability to raise the rates of those that fail to make payments.

Wrong. Banks will not be able to raise the rates of people (like me) that make their payments on time. Which is how it should be. There's no reason I need to be paying 25% on a 1000 dollar balance.

Quoting Muzyck (Reply 5):
In effect, the legislation will increase the burden on those who have good credit.

This is the temporary effect; once it becomes law, banks won't be able to issue enough new credit if they keep rates where they are now. They'll come back down.
"PHX is Phoenix, PDX is the other city" -777Way
 
Cadet57
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RE: Citi To Repay $20 Billion In Bailout Money

Mon Dec 14, 2009 8:15 pm



Quoting FuturePilot16 (Reply 6):
. A credit card is just plain suspect if you ask me

Pay your bills on time and you wont have anything to worry about. It's sad that so many americans cant grasp what should really be a simple concept.
Doors open, right hand side, next stop is Springfield.
 
Maverick623
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RE: Citi To Repay $20 Billion In Bailout Money

Mon Dec 14, 2009 8:22 pm



Quoting Cadet57 (Reply 8):
Pay your bills on time and you wont have anything to worry about.

Except that before this new law takes effect, you do have to worry about a bank raising your rates for no reason. That aside:

Quoting Cadet57 (Reply 8):
It's sad that so many americans cant grasp what should really be a simple concept.

Agreed.
"PHX is Phoenix, PDX is the other city" -777Way
 
Cadet57
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RE: Citi To Repay $20 Billion In Bailout Money

Mon Dec 14, 2009 8:26 pm



Quoting Maverick623 (Reply 9):
you do have to worry about a bank raising your rates for no reason.

As said above. If you are making your payments they cant change your rates.
Doors open, right hand side, next stop is Springfield.
 
muzyck
Posts: 44
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RE: Citi To Repay $20 Billion In Bailout Money

Mon Dec 14, 2009 9:01 pm

Quoting Maverick623 (Reply 7):
Wrong. Banks will not be able to raise the rates of people (like me) that make their payments on time. Which is how it should be. There's no reason I need to be paying 25% on a 1000 dollar balance.

Agreed. There is no reason that I would keep doing business with a company that charged a high rate if I only had $1,000.00 balance. I would pay off the card and take my business elsewhere. If my overall credit rating is good, the rate will reflect that.If I can't get a better rate than 25%, I would bet that it is a reflection on my credit rating, not the availability of a revolving credit at a lower rate.

Post legislation, those rates will not be as low.

[Edited 2009-12-14 13:03:14]
 
Maverick623
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RE: Citi To Repay $20 Billion In Bailout Money

Tue Dec 15, 2009 12:02 am



Quoting Muzyck (Reply 11):
There is no reason that I would keep doing business with a company that charged a high rate if I only had $1,000.00 balance.

I'm not. It'll be paid off in 2 months, and I'm taking my accounts elsewhere.

Quoting Cadet57 (Reply 10):
As said above. If you are making your payments they cant change your rates.

I assume you're talking about when the new law takes effect in February. Because my rate jumped by almost 15%, even though I've never missed a payment in the 4 years I had my card.
"PHX is Phoenix, PDX is the other city" -777Way
 
Cadet57
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RE: Citi To Repay $20 Billion In Bailout Money

Tue Dec 15, 2009 12:08 am



Quoting Maverick623 (Reply 12):
I assume you're talking about when the new law takes effect in February. Because my rate jumped by almost 15%, even though I've never missed a payment in the 4 years I had my card.

I guess. That said, none of the 3 cards I have (two have no balance) have raised my rates, and one is used for college expenses, so you can imagine what that one looks like  covereyes 
Doors open, right hand side, next stop is Springfield.
 
StarAC17
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RE: Citi To Repay $20 Billion In Bailout Money

Tue Dec 15, 2009 1:53 am



Quoting Cadet57 (Reply 8):
Pay your bills on time and you wont have anything to worry about. It's sad that so many americans cant grasp what should really be a simple concept.

 checkmark 

And do it in full, they all make a point to highlight the minimum payment in bold size 24 font and but the full balance in 10 font at the corner of the bill.

Credit cards are the easiest way to gain credit and good luck getting a gym membership, a car, a hotel room or a cellphone without one.

However there will be torches and pitchforks the day they start penalizing people like me who in over 6 years have never paid one cent of interest towards a credit card. I fear this day is coming when people begin to become more responsible and credit card companies start taking from people like me.
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rojo
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RE: Citi To Repay $20 Billion In Bailout Money

Tue Dec 15, 2009 3:47 am

After being saved from Bankruptcty and the government backing losses during the hard times, it is normal that Citi wants to be out of TARP now that things are back to normal. Therefore, the socialist for losses and capitalist for profits stand that the US government showed last year was unfair for the small banks that did things correctly and were never near bankruptcy. Citi should have been broken in peaces and sold to these small banks.

Overall, the new capitalism is to start a business, grow it till it is too big to fail and once an economic crisis comes, the government will save it from going out of business...

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