A Quote by Joseph Stiglitz
The fact that the government had to put up hundreds of billions of dollars to Citibank in guarantees was a public declaration that Citibank was a mess. Making Citibank go through financial restructuring would not have conveyed any more different information. So it's very hard to see why it would have had that kind of a panic if it were done well.
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When Occupy Wall Street happened, I took my money out of Citibank. I already had problems with all the banks - Citibank, Bank of America - but I was kind of just too lazy to take my money out until I saw how Citibank responded to Occupy Wall Street.
American business would be run better today if there was more alignment between CEOs' interest and the company. For example, would the financial crisis of 2008 have occurred if the CEO of Lehman and Morgan Stanley and Goldman and Citibank had to take a very small percentage of every mortgage-backed security... or every loan they made?
Citibank had nothing to do with getting reelected.
I'm thinking of switching banks, and my friend said, 'Well, what's wrong with Citibank?' Well, they can't spell 'city.' I hope their math is better than their English is.
My nightmare scenario is that the government saves Citibank once again, as well as the other banks, and business resumes as usual. Then, the next time the system breaks, it breaks much, much bigger.
Americans know that a strong alliance of free, sovereign and independent nations is the best defense for our freedoms and for our interests. That is why my administration has demanded that all members of NATO finally meet their full and fair financial obligation. As a result of this insistence, billions of dollars more have begun to pour into NATO. In fact, people are shocked. But billions and billions of dollars more coming in from countries that, in my opinion, would not have been paying so quickly.
I have my Masters degree in international relations, banking job experience with Citibank, and I have also worked in developmental organisations.
Our global corporate investment bank competes with Goldman Sachs, Citibank, and a bunch of other banks that are in those businesses. We may have slightly different products or services, but so what? That's always been true in American business.
My tax cut would cut hundreds of billions of dollars. So to do it, you have to be willing to cut spending, too. But if you were to cut hundreds of billions of dollars in taxes, that money's left in communities.
No company should depend on one person no matter how that person is smart or genius, whether it's Apple or News Corp, or Citibank or any other company in the world.
Those 3,000 jobs in Sioux Falls, based on our population back then in Sioux Falls, would have taken 300,000 jobs in New York City to equal it at Citibank.
It is unimaginable that the United States would have to contribute hundreds of billions of dollars and highly unlikely that we would have to contribute even tens of billions of dollars.
Even if every major government were to slap huge taxes on carbon fuels - which is not going to happen - it wouldn't do much to halt climate change any time soon. What it would do is cost us hundreds of billions - if not trillions - of dollars, because alternative energy technologies are not yet ready to take up the slack.
In my opinion, the entire field of investment management, involving hundreds of billions of dollars, would be more satisfactorily conducted if everyone had a good yardstick for measurement of ability and sensibly applied it.
What did Citibank get out of it? It got the ability to reverse the arbitrage. Actually, what they got was the ability to give themselves a profit, and that saved the bank.
We all forget that when a TV network says, 'Look, we're broke,' it means that they're not making as much money as they would like to be making. They're still making millions and millions of dollars - they're just not making billions and billions of dollars.
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