The video comes to us by way of the Dailybeast who gets it from MSNBC last week.
What I find interesting, is that Citi, AIG and others didn't really have to present any plans for their bailouts and AIG continues to pay out bonuses and has extravagant trips even after they get a bailout.
So, I'm a little confused how a company like Citi can say they went a little too far in lending and that got them into trouble, but the Auto Industry can't say hey, there's a serious market down turn caused by the mess from the financial sector and we need help. Hell, you can even hear what Citi thinks caused their mess, again, from the Dailybeast:
The current financial mess this country is in comes in part from lending to borrowers who couldn't pay, popular know by underwriters as Liar Loans. These are loans with no required documentation. So, we have a freeze in the credit markets, it's harder to get loans for houses and cars and this hurts companies like Citi (companies that actually helped cause the problems) and they get a bailout, but the Auto-Industry can't even get a loan? Somehow, I think this has more to do with Union-Bashing than anything and the comments from President-Elect Obama are very disappointing to me. Very, very disappointing.
written by bendygirl at Tuesday, December 02, 2008