Tuesday, November 25, 2008

Citi Group Bailout Is A Mess

I was reading about the Citi Group bailout and wondering why this plan went through with not so much as a "pardon me" from Congress, yet the automakers are still scrambling. Granted GM and the other big three didn't come with any kind of plan and they should have been asked what they were going to do with any money, but the Citi mess is silly.

According to Paul Krugman, here is a short summary of the deal:

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.

Amazing how much damage the lame ducks can do in the time remaining.

With the incompetence shown by this administration in the past it is amazing the Congress has not asked for a little accountability with the nation's treasure.

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