Obama Sued Citibank Under CRA to Force it to Make Bad Loans

[The Paperboy]

Story here

 

[Larkinn]

Which must be why Citibank is failing now, right? Oh wait, they just bought Wachovia (or are trying too), and is coming out as one of the winners in this whole crisis.

Obama forced Citibank to make loans to minorities with equal financial standing to whites. Do you consider those "bad loans"? Why? Why aren't the ones to whites of equal financial status "bad loans"? Is there something about being black which makes one untrustworthy?

This is a particularly stupid claim from the right. But keep at it, this one will for sure backfire if you push it too far.

Gee, I feel like I said this exact same thing in 2 other threads where the exact same topic came up.

 

[Dirt McGirt]

Which must be why Citibank is failing now, right? Oh wait, they just bought Wachovia (or are trying too), and is coming out as one of the winners in this whole crisis.

Obama forced Citibank to make loans to minorities with equal financial standing to whites. Do you consider those "bad loans"? Why? Why aren't the ones to whites of equal financial status "bad loans"? Is there something about being black which makes one untrustworthy?

This is a particularly stupid claim from the right. But keep at it, this one will for sure backfire if you push it too far.

Gee, I feel like I said this exact same thing in 2 other threads where the exact same topic came up.

They ceded Wachovia to Wells Fargo. As someone who's been watching Citigroup's stock the last three weeks, I can tell you winners they are not. Their stock is down almost 50%.

 

[Larkinn]

They ceded Wachovia to Wells Fargo. As someone who's been watching Citigroup's stock the last three weeks, I can tell you winners they are not. Their stock is down almost 50%.

Did they? I thought they ended up splitting it. And compared to most of the other banks out there, they are doing well. Everyone is hurting except Campbells soup.

 

[DavidS]

They ceded Wachovia to Wells Fargo. As someone who's been watching Citigroup's stock the last three weeks, I can tell you winners they are not. Their stock is down almost 50%.

You mean almost 75%.

A year ago Citibank was worth $48.32. Today, it was down 10% and it's worth $12.93.

As someone who used to have money in Citibank, it ain't pretty.