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Monday, November 24, 2008

First Snow/Citigroup Bail-out

Those of us who live north of Chicago awoke to the first snow of the season. It was that lovely stuff that the forecasters call "wintry mix" - snow changing to sleet/rain, then changing back to snow. It is sloppy and it doesn't stick. The sweaters are out of the closet and the earmuffs are back on for those of us that trudge downtown in the early morning.

Here is my favorite quote regarding the Citigroup bailout (thus far):

In the news this morning is $20 billion of new capital to Citibank from TARP but still no money for the Big 3. I can already hear the scream out of Detroit. What’s the difference between the two? Well, to put it bluntly, giving cash to Citibank is like performing the Heimlich maneuver on a choking man while giving cash to the Big 3 is like giving mouth-to mouth to a recently dug up corpse.

John P. McNulty, Publisher, Private Equity Professional Digest

Bleah. But quite colorful.

1 comment:

movie fan said...

my initial thought upon hearing about Citibank's potential bankrupcy was, Yipee! this will cancel out the small fortune's worth of debt I have stored up on my trusty Citi-card... right?