Citigroup CEO Vikram Pandit: I HEART Socialism for Corporations!

By Damien Hoffman

Intuitive Surgical Hits $393!

The Hoffman Brothers called ISRG at $152 and it ran to $393 for a 158% gain! See what the Hoffman Bros recommend you buy NEXT.

Guess what America? Citigroup CEO Vikram Pandit just gave us a $45 billion dollar Thank You card.

“This investment built a bridge over the crisis to a sound footing on the other side, and it came from the American people … I want to thank our government,” Pandit said in prepared remarks for his Congressional testimony.

Looks like Pandit HEARTS socialism for corporations. Despite all the savvy lobbying to help banks “free” themselves from onerous government regulation, Pandit et al get gooey-eyed for government when the former Big Bad regulator reaches into the pockets of taxpayers to support a “free market” business freely on the way to the grave.

“Citi owes a debt of gratitude to American taxpayers,” Pandit said. “We look forward to helping them realize value on that investment.” Aw shucks. Pandit wants to help us do well with an investment we were forced to purchase with tax dollars no longer available for more important things than investing in the risky private market. Last time I checked, playing the market was not what anyone considers a good use of hard earned tax dollars.

Since complaining about the Wall Street bailout is crying over spilled milk, let’s just revel in awe over the cosmic hypocrisy of corporate socialism in a country which prides itself on exporting free market policy while demonizing socialism like Orwell’s Eurasia and Eastasia.

Update: Here is what Pandit had to say to Bloomberg after taking his lashings from Congress:



What do you think of Pandit’s Thank You? Let us know in the comments below or click here to chat in our new Forum.



Sharing Is Cool

Looking for Profits? Wall St. Cheat Sheet Premium subscribers have been crushing the markets with winning stock picks and a professional navigator in the hot gold and silver sectors. Let our team of professionals give you their best investing and trading ideas:

Click here now for your FREE trial to any of our acclaimed newsletters

Learn More

  • Jeff Cherry
    I don't know who Damien Hoffman is but he sounds like an idiot. Look I'm no big fan of Citi and certainly wasn't a fan of the bailout, I think we would have been better off in the long-run if we let those who failed fail and reward those who were smart enough to run their businesses in a prudent manner. But, that said, what the hell do you expect the guy to say now that its all done? He SHOULD be grateful to the American people and Citi does owe a debt of gratitude (and more) to the American people. Time to get on with that.
  • Thanks, Jeff. I don't know who you are either. So we're even.

    If you're happy with a "thank you", you are entitled to be. But given the FACT that Citibank and the other top banks are the ones who lobbied for deregulation, got what they bribed Congress for, then blew up the entire economy (screwing over most Americans and their lifetime savings), and now we get a "Thank You" ... well, that's bullshit to me. You don't say thank you to someone when you put a gun to their head and rip money out of their pocket. That's what Citi et al did to you and me.
blog comments powered by Disqus

This post was written by:

Damien Hoffman - who has written 849 posts on Wall St. Cheat Sheet.


Contact the author







Advert

Share Your Thoughts

Did you or will you take a vacation this summer?

View Results

Loading ... Loading ...