November 28, 2008

NEW YORKERS MAD AT CITIGROUP

Reuters - The bailout of Citigroup has made people in New York angrier than they were about any of the other government rescues of financial institutions this year.
In a random sample of people inside the Port Authority, the world's busiest bus terminal, only one man backed the government decision to prop up the New York-based bank, even though it is a huge employer in the region. All the rest are angry -- even on the day before Thanksgiving .

"They were bailed out before, this is the second bailout, so what's going on? Are they going to ask for another bailout soon?" asked Cheril Nichols, a 50-year-old nurse from New Jersey. . .

Unlike Lehman Brothers, which was forced to file for bankruptcy protection when the government rejected its pleas for help, Citigroup does business with millions of ordinary people every day, so emotions run higher about Citi. . .

The frustration on the streets of New York was echoed by two of New York's major daily newspapers, The Wall Street Journal and The New York Post, which slammed the board of Citigroup with calls for all or many of its directors to quit or be removed. The Post on Wednesday ran a series of letters from readers, all of them harshly criticizing the bailout and Citigroup's former and current executives and board members.

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