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Citigroup bailout slammed by New Yorkers

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Juan Lagorio
Reuters
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 .

(ARTICLE CONTINUES BELOW)

“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.

  • A d v e r t i s e m e n t

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.

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This article was posted: Thursday, November 27, 2008 at 11:33 am





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