Government may oust Citigroup CEO
Rumors are running rampant that the US Government may fire Citigroup’s CEO, just as it fired GM’s CEO last month. Last year, the Bush administration injected $45 billion into Citigroup, and the Obama administration raised the federal government’s stake in Citi to a whopping 36% in February.
Some define fascism as state-controlled capitalism. If the government fires the Citi CEO, would this be yet another example of economic fascism?
Or, since Citi accepted $45 billion of taxpayer money, does the government have the right to dictate its corporate policy?
jefferson said:
Congress - 535 (house and senate) representatives that control our freedoms, our businesses, and how much of our labor’s rewards we get to keep. We should be able to afford 535 Constitutions, right?
April 24th, 2009 at 9:36 am
Jerry silovich said:
federal goverments going to try and nationalize all the banks since they have prefered stock they want turn in to common stock.if they do this they own 40% of every major bank in the country and i wont buy bank stock since if goverment controls the banks it will contrrol your dividend.if goverment gets divdend money gives them more money to spend for they won pay off goverment debt or defiet either!
April 24th, 2009 at 10:45 am
Jackie said:
That’s exactly the problem with the government giving money to private organizations. Once they do, if they do not regulate them or oversee them, they are being blatantly irresponsible with our money. If they do regulate them, we have government controlling private industry.
It is such an obvious conclusion that it makes me wonder if an end result of overt government control was one of the goals of the bailouts in the first place.
April 24th, 2009 at 10:49 am
Jim Wahler said:
Yes this is economic fascism. (sometimes called Corporate Fascism) This is how Mussolini took control of Italy. Unless they own 51% of the common stock they have no right to fire/hire anyone.
I think Jackie is right on the mark in regard to the bailouts.
April 24th, 2009 at 1:43 pm
Topics about Citigroup | Government may oust Citigroup CEO said:
[...] Saigon Charlie put an intriguing blog post on Government may oust Citigroup CEOHere’s a quick excerpt…it fired GM’s CEO last month. Last year, the Bush administration injected $45 billion into Citigroup, and the Obama administration raised… [...]
April 25th, 2009 at 3:45 am