Economy  
comments_image Comments

How Citigroup's Payback Plan Will Ultimately Screw Taxpayers

We've reached the epitome of crony capitalism, yet the government has given no indication that any action will be taken.

Continued from previous page

 
 
Share
 
 
 

"We've created the worst conceivable world," says Black. "They can take the most insane risks, and if they succeed, they get to keep all the profits. And if they fail, it's even worse! We bail them out, and we don't make them pay a serious price. They're back in power, completely unrestrained, within a year. And they can now raise the capital because of this implicit guarantee. We have achieved the epitome of crony capitalism."

Zach Carter writes a weekly blog on the economy for The Media Consortium. His work has appeared in The American Prospect, The Atlanta Journal-Constitution and on CNBC.

 
See more stories tagged with: