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Elizabeth Warren attacks Citigroup and its bailout provision

Elizabeth Warren attacks Citigroup and its bailout provision

(9:44) December 12, 2014. Senator Elizabeth Warren spoke on the floor of the Senate about the provision that Citigroup added to the omnibus budget package.

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Guest: cengIand0 (1066 days ago)
Latest comment:

let's assume that cengland speaks the truth and let's assume that elizabeth isn't stupid (since her point of view is very similar to that of many people who put a lot of work into investigationg the issue she's talking about).

Now if cengland is right then elizabeth is wrong, but since she is not stupid (and is also a spokesperson for all those whou came before her with the same point of view) she must be purpously missleading us, the viewers.

One has to wonder, who is behind her and in who's interest is it to undermine the current US establishment?

the answer is... PUTIN'S RUSSIA! Putin is Satan and Elizabeth is a commie scum. Burn te witch!! Cengland was right all along! she is Putin's right hand! nothing more than a spy! i say fu*k putin and elizabeth warren! third world war FTW! cengland lead the way, you beligerant old fart!

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Original comment
Latest comment:

let's assume that cengland speaks the truth and let's assume that elizabeth isn't stupid (since her point of view is very similar to that of many people who put a lot of work into investigationg the issue she's talking about).

Now if cengland is right then elizabeth is wrong, but since she is not stupid (and is also a spokesperson for all those whou came before her with the same point of view) she must be purpously missleading us, the viewers.

One has to wonder, who is behind her and in who's interest is it to undermine the current US establishment?

the answer is... PUTIN'S RUSSIA! Putin is Satan and Elizabeth is a commie scum. Burn te witch!! Cengland was right all along! she is Putin's right hand! nothing more than a spy! i say fu*k putin and elizabeth warren! third world war FTW! cengland lead the way, you beligerant old fart!

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Guest: (1068 days ago)

Btw, that's the kind of liberal freedom the US wanted, and this is what they get. Its Never healthy to let the private market rule everything. Its way to driven by self interests and greed and less social responsibility.

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Btw, that's the kind of liberal freedom the US wanted, and this is what they get. Its Never healthy to let the private market rule everything. Its way to driven by self interests and greed and less social responsibility.

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Guest: (1068 days ago)

What she talks about sane people already knew before results in 2008. Also the simple style outfit with deep decolte, says this one is an american houswife with low education, understanding of surroundings and oppionons that must be read in order to be told. Her life is now not lost between being raising children and peeling potatoes, but also adressing to Mr. President. Midlife crisis is a bitch. If she had means and benefitting oppionos, she would act about 20 years ago, when her age was closer to Marylin Monroe. This is just pure waste of time with cowgirls that took them 50 years to realize basic stuff.

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What she talks about sane people already knew before results in 2008. Also the simple style outfit with deep decolte, says this one is an american houswife with low education, understanding of surroundings and oppionons that must be read in order to be told. Her life is now not lost between being raising children and peeling potatoes, but also adressing to Mr. President. Midlife crisis is a bitch. If she had means and benefitting oppionos, she would act about 20 years ago, when her age was closer to Marylin Monroe. This is just pure waste of time with cowgirls that took them 50 years to realize basic stuff.

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Guest: (1068 days ago)

Seems like CityBank found their way into Boreme?

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Seems like CityBank found their way into Boreme?

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Guest: Steve12345 (1068 days ago)

You shouldn't post when you're drunk.

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You shouldn't post when you're drunk.

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WalterEgo WalterEgo (1068 days ago)

Looking forward to cengland0's defence of Citigroup.

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Looking forward to cengland0's defence of Citigroup.

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cengland0 cengland0 (1068 days ago)

First, before I make any comments, I will fully disclose that I worked for Citi for several years. I was there when they were called Citibank and was instrumental in the merger with Travelers to form the new corporation called Citigroup. I was considered one of the Citigroup founders and received a nice bonus for my role in the merger.

Now, what questions did you have for me? You didn't list any specifics so here are some Elizabeth Warren comments and my responses:

“Three of the last four treasury secretaries under democratic presidents have had close Citigroup ties.” So what? The comment was about treasury secretaries so you want them to have some banking experience. Those that didn’t have Citigroup ties probably had ties to some other large bank. I also found it funny she specifically said “under democratic presidents” so if that’s the problem, then don’t vote in democratic presidents and only vote republican or libertarian going forward.

“She lists many financial politicians and states that they are Citigroup Alumn.” Again, so what? Do you want people responsible for your finances in the government without any financial experience? Not me.

“Citi received nearly half a trillion dollars in bailouts.” This is very misleading. Citi received a grand total of $476.2 in cash and guarantees according to some people. Only $25 billion was from the TARP (which you guys keep calling bailouts). The rest doesn’t seem to addd up to that figure which is $68.6 billion from FDIC and $88 billion from Federal Reserve’s TAF liquidity program. From my understanding, any money received has to be paid back with interest. The citizens of the USA has earned $46.3 billion in profits as of December 1, 2014 because of the so-called “bailout” loans.

“Now Citi is larger than ever.” Actually, Citi is pretty low on the Forbes top list considering market value. They are only worth $145 billion. If you really want to go after a large company, go after Apple that is worth $483 billion. Even a single person like Bill Gates is worth $81 billion so she needs to put things into perspective.

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Original comment

First, before I make any comments, I will fully disclose that I worked for Citi for several years. I was there when they were called Citibank and was instrumental in the merger with Travelers to form the new corporation called Citigroup. I was considered one of the Citigroup founders and received a nice bonus for my role in the merger.

Now, what questions did you have for me? You didn't list any specifics so here are some Elizabeth Warren comments and my responses:

“Three of the last four treasury secretaries under democratic presidents have had close Citigroup ties.” So what? The comment was about treasury secretaries so you want them to have some banking experience. Those that didn’t have Citigroup ties probably had ties to some other large bank. I also found it funny she specifically said “under democratic presidents” so if that’s the problem, then don’t vote in democratic presidents and only vote republican or libertarian going forward.

“She lists many financial politicians and states that they are Citigroup Alumn.” Again, so what? Do you want people responsible for your finances in the government without any financial experience? Not me.

“Citi received nearly half a trillion dollars in bailouts.” This is very misleading. Citi received a grand total of $476.2 in cash and guarantees according to some people. Only $25 billion was from the TARP (which you guys keep calling bailouts). The rest doesn’t seem to addd up to that figure which is $68.6 billion from FDIC and $88 billion from Federal Reserve’s TAF liquidity program. From my understanding, any money received has to be paid back with interest. The citizens of the USA has earned $46.3 billion in profits as of December 1, 2014 because of the so-called “bailout” loans.

“Now Citi is larger than ever.” Actually, Citi is pretty low on the Forbes top list considering market value. They are only worth $145 billion. If you really want to go after a large company, go after Apple that is worth $483 billion. Even a single person like Bill Gates is worth $81 billion so she needs to put things into perspective.

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WalterEgo WalterEgo (1066 days ago)

"Three of the last four treasury secretaries under democratic presidents have had close Citigroup ties ... so you want them to have some banking experience ... Do you want people responsible for your finances in the government without any financial experience?"

There lies the problem. Of course we want people dealing in financial stuff to have financial experience, but if they are also solely working in the interests of their bonuses, then they are the wrong people. Since there seems to be a lack of bankers who put the interests of the people first, or even have the people on their radar, then I think the only solution is regulation to prevent corruption. Or totally change the system.

Here's a question. How do you design a system that prevents the wrong people getting to the top? Wrong people meaning those who are so highly driven towards their bonuses at whatever cost to their country, their people, and even the planet they share with everyone else.

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Original comment

"Three of the last four treasury secretaries under democratic presidents have had close Citigroup ties ... so you want them to have some banking experience ... Do you want people responsible for your finances in the government without any financial experience?"

There lies the problem. Of course we want people dealing in financial stuff to have financial experience, but if they are also solely working in the interests of their bonuses, then they are the wrong people. Since there seems to be a lack of bankers who put the interests of the people first, or even have the people on their radar, then I think the only solution is regulation to prevent corruption. Or totally change the system.

Here's a question. How do you design a system that prevents the wrong people getting to the top? Wrong people meaning those who are so highly driven towards their bonuses at whatever cost to their country, their people, and even the planet they share with everyone else.

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TheBob TheBob (1068 days ago)

Let's see... Hmm... OK I've got it.

"If you don't like it you should lobby your government representative and if that doesn't work you should move somewhere else."

Oh no, wait...

"Elizabeth Warren's speech could have been read by a robot more cheaply and if she didn't like it she could move somewhere else."

ReplyVote up (242)down (259)
Original comment

Let's see... Hmm... OK I've got it.

"If you don't like it you should lobby your government representative and if that doesn't work you should move somewhere else."

Oh no, wait...

"Elizabeth Warren's speech could have been read by a robot more cheaply and if she didn't like it she could move somewhere else."

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