Tag Archives: bailout

Citigroup’s new bailout plan: Me

Received my Citi credit card statement today. Tucked away on Page 3 was a notice that my interest rate had been changed from 8.99% 14.99% to 28.99%. Hey Citigroup, do I look like Henry Paulson?

12/18 update: Just received this in an email from Citi:

“We are pleased to inform you that we have raised the credit line of your Citi(R) Diamond Preferred(R) Rewards account to $xxxxxx. This increase was a result of our ongoing credit review program. We wanted to acknowledge the responsible way you have maintained your account.”

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So Much for a Free Market Economy

The U.S. government’s latest bailout – $85 billion for AIG – simply reinforces bad (catastrophic) corporate behavior and certainly won’t solve any systemic issues with the way these companies do business. By throwing good (taxpayer) money after bad, the feds are effectively telling corporate leaders that it’s OK to mess up on a monumental scale, and that if your lobby is powerful enough then Uncle Sam will take care of you. For the good of the country, of course.