Thursday, Nov 27, 2008
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 .
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“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.
“It is wasteful, very wasteful,” said retiree William Dwyer, 70.
Earlier this week, the U.S. government announced an injection of $20 billion for Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) and a plan to shoulder most of its potential losses on $306 billion of toxic assets, after the bank’s shares sank more than 60 percent in the previous week due to concern about its ability to survive.
This article was posted: Thursday, November 27, 2008 at 11:33 am