"In the end, our business is about confidence. As a matter of fact, the entire financial system depends on confidence"
- Failed Citigroup CEO Vikram Pandit, pretty much announcing the end of his company, the stock market, the world financial system and capitalism itself, February, 2009
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15 comments:
Oh. A confidence man.
Scumdog Billionare:
http://www.youtube.com/watch?v=EkrxZDC0uOA
rofl?
America is a confidence game.
The game is over.
Flush.
No, it depends on a country where people can actually prosper from their work but shouldn't reap $50-100million dollar paydays.
I hope we can all stop saying that ANYBODY who makes 8 figures or more a year is actually worth it. All they are doing is skimming it and sucking it out of your collective pockets.
When does Vikram move back to India?
I hope we can all stop saying that ANYBODY who makes 8 figures or more a year is actually worth it. All they are doing is skimming it and sucking it out of your collective pockets.
___________________________
Agree...Making $$$ because you work hard is great....Making 39M/Year because you can dunk a basketball is crazy. Bama wants to raise taxes on the super wealthy...They promise a fight like their next million depends on it.
Confidence?! I have no confidence in Pandit or Citigroup. Citigroup has failed and is insolvent. The government should stop the 20 years of bailing out Citigroup now.
Let Citigroup investors and bondholders get burned. F you Pandit. I couldn't care less about another welfare recipient, basket case bank.
Too Big to Fail?
Kill Them. Save the misery and bailout dollars.
Repeat; KILL THEM. WIPE OUT THE SHAREHOLDERS, FIRE OR PROSECUTE THE EXECUTIVES THAT CAUSED THEM TO DIE, SELL THE ASSETS AN MOVE ON.
Stop rewarding failure. Your geandchildren will thank you.
AIG just got another $30,000,000,000, so I guess Citi is next for a couple-of bucks.
Did anyone see bailing-out banks and insurance companies, even a few years ago?
Strange, very strange. Seems almost impossible that they expect us to accept this kind of thing.
Banks promise the each and every person who deposits money that each and every person can get their money back whenever they want, but then the bank turns around and loans out more than 98% of the money (using sweep accounts to get around what little reserve requirements there are).
It is mathematically impossible for the bank to keep it's promise of paying back each and every person whenever that person wants his money if enough people want their money at the same time, yet that is the bank's promise. The bank knows it is promising something that it can't honor each time it makes it whenever someone deposits money.
Why isn't this considered criminal fraud? A count of fraud for each deposit. It's just a variation of a Ponzi scheme. If Madoff does it for a mere 50 billion bucks he gets in trouble. If the banks do it for trillions, they get rewarded. Why?
The best laughs are always unintentional.
The best hope for us all as individuals is to devise methods of withdrawal from this parasitic system.
Isn't that what very wealthy people are the best at; making sure they don't get taken to the cleaners?
Goose >>> gander.
Confidence a bit uncertain at the moment.
Long term we'll be fine though.
You can afford to wait 60 years for your money; right?
"...Seems almost impossible that they expect us to accept this kind of thing..."
NOBODY accepts JACK about this.
We are witnessing fearsome power controlling the agenda and keeping the media from allowing ANY public discussion to be published.
Yes. Confidence.
"Confidence" backs our dollar and nothing else.
It's only a matter of time...
When the Chinese finally wake up and realize they are not getting their investments or any of their US CDs, etc. back, not even their principal out of USA in soon-to-be-worthless fiat US dollars my money is on the warheads landing either on Wall Street or Washington DC.
Hiroshima will look like a basket of warm newborn just-bathed puppies in comparison...
Duck & Cover?
"I fear we have awakened a sleeping giant and filled him with a terrible resolve".
-Admiral Yamamoto, December 1941 AD
Nevermore.
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