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Author: WatchingTheHerd Big red star, 1000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 506058  
Subject: Re: Citi got court order, blocks Wells-Wachovia Date: 10/5/2008 10:37 AM
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It boggles the mind that Citi has the chutzpah to claim that a government sponsored bailout has precedence over a free-market deal.


When Citi implodes -- and it will at some point, they've been too big, too arrogant and way too dumb for years -- there better be some execs at that firm that go to jail. Remember, it was Citi that merged with Travelers and began acting as a single entity before the government really approved their merger. Citi is the poster child of my "Too Big to Succeed" theory of banking. The stock is lower than it was after the 1998 merger, management has been shuffled 10 times, I'm sure customer service over the past 10 years hasn't improved and we sure as all git out know the safety of the firm hasn't improved.

As one blog noted, it's also worth remembering that Robert Rubin was Treasury Secretary at the time and approved the 1998 merger, then went on to serve as one of their highest paid board members after leaving the Clinton Administration.

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