Citigroup Deserves to Die
Jonathan Golob, The Stranger’s Slog:
Nominally, in my posts this would be the time where I make a nicely reasoned discussion of the negatives and positives of the latest action. I can’t. I’m apoplectic — consumed with rage beyond rational thought.
Citigroup is eponymous for the sort of financial bullshit that sank all of us — the entire fucking global economy — into what is increasingly likely to be a decade — (or decades —) long period of abject misery. I. Cannot. Even. Start.
In 1998, the formation of Citigroup unilaterally ended the Depression-era Glass-Steagall act. That’s right, this fucking financial monstrosity simply decided a cornerstone of American financial regulation shouldn’t exist, and acted accordingly.
The lawmakers — led by professional Republican asshole Phil Gramm, triangularization expert Rubin and President Clinton — moved out the way.
It took a decade for the repeal of these protections to crater the economy.
And now they want a bailout. The same fucking management team, the same collection of self-important idiots.
Let me tell you something. I could pick 20 random people off the street, hand them a billion dollars each, and I’d be confident they’d create a better bank than these shitheads.
