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Did the Citibank Bailout Screw the American Taxpayer?
November 25, 2008 |
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Google Chairman and CEO Eric Schmidt, who is a member of the Obama transition economic advisory board, appeared on Rachel Maddow. Of the Citibank bailout, he said:
SCHMIDT: When I looked at the structure of the Citibank deal, it looks roughly correct. And I know that both President Bush and President Elect Obama and their teams worked on getting it right. It's got the right set of incentives, the right ownerships and the right guarantees.
Really?
Mark Thoma has the rundown of informed reactions. A bailout was necessary -- but this bailout is an outrage: a lousy deal for the taxpayers, no accountability for management, and just to make things perfect, quite possibly inadequate, so that Citi will be back for more.
Jane Hamsher is the founder of FireDogLake. Her work has also appeared on the Huffington Post, Alternet and The American Prospect.
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