So how are things going with those poor poor bailout companies?

Just to keep you up to date on how helpful those bailouts were:

Let’s start with poor poor Citigroup

citigroupceoJust weeks after Citigroup averted total collapse with a $45 billion shot in the arm of taxpayer cash, the bank jetted its former CEO and his family on one of its corporate jets to a posh Mexican resort for New Year’s, The Post has learned.

Sandy Weill, 75, hopped aboard the tanking bank’s Bombardier BD 700 Global Express on Dec. 26 with his wife, Joan, daughter Jessica, her husband and their children. They flew from Westchester County Airport to the Los Cabos shore region in sunny Baja, according to aviation records and sources familiar with the trip.

The holiday jaunt came the same week that Citigroup – which lost $28.2 billion over the last five quarters and cut 75,000 jobs globally in 2008 – agreed to curtail runaway corporate expenses as part of a deal to get the massive influx of federal money.

The new belt-tightening policy went into effect on Dec. 31, while the jet was parked at the Los Cabos airport.

The family stayed through Jan. 3 at the ultra-expensive One & Only Palmilla in San José del Cabo – where a four-bedroom suite costs $12,000 a night. It’s the same beachfront resort favored by high-wattage stars like Jennifer Aniston and  John Travolta and is where Eli Manning got married in April.

 Lovely little family. I know you didn’t mind sending them on vacation.

Now,  on to Bank of America and their Super Bowl “Funfest”. Reported by Brian Ross, ABC.

abc_bofasign_090202_mainDespite a near collapse that required $45 billion in federal taxpayer bailout funds, Bank of America sponsored a five day carnival-like affair just outside the Super Bowl stadium this past week as  President Obama decried wasteful spending on Wall St.

The event – known as the NFL Experience – was 850,000 square feet of sports games and interactive entertainment attractions for football fans and was blanketed in Bank of America logos and marketing calls to sign up for football-themed banking products.

But let us not be ignorant. This experience was very important to the future success of Bank Of America.

The bank staunchly defended its sponsorship, saying it was a ” business proposition” and part of its “growth strategy.”

Stupid us! We just don’t see that this is so important to Bank Of America’s “growth”.

According to the Bank of America, the official bank of the NFL, its NFL partnerships and product tie-tins “generate significant revenue streams.”

Apparently, not significant enough, buddy. You begged for $45 billion of America’s money. The only “steady stream” we see is pigs like you pissing on America.

Wells Fargowasn’t as lucky. They got a little nervous when it was disovered they had an interesting event coming up.

WASHINGTON (AP) — Wells Fargo & Co. is likely on the hook for hefty cancellation fees after abruptly scrapping its upcoming retreats to Las Vegas casinos.

The company, which received $25 billion in taxpayer bailout money and recently announced a $2.3 billion loss for the last quarter of 2008, had booked 12 nights at two of the most expensive hotels in Las Vegas for events that included a luxurious four-day employee sales conference.

But after lawmakers and investigators admonished the company, Wells Fargo scrapped the trip Tuesday night.

Poor poor babies. No las Vegas for thee!

44859878The company initially defended the trip after The Associated Press reported it had booked 12 nights beginning Friday at the Wynn Las Vegas and the Encore Las Vegas. But within hours, investigators and lawmakers on Capitol Hill had scorned the bank, and the company canceled.

The conference is a Wells Fargo tradition. Previous all-expense-paid trips have included helicopter rides, wine tasting, horseback riding in Puerto Rico and a private Jimmy Buffett concert in the Bahamas for more than 1,000 of the company’s top employees and guests.

Gee. Now you’re making us feel really bad for you….

House Financial Services Committee Chairman Barney Frank, D-Mass., said banks were acting “stupid” and making it harder for lawmakers to defend them.

“People really hate you,” he said, imploring banks to do everything possible to avoid offending people. “And they’re starting to hate us just for hanging out with you.”

No Barney. Not quite.  We hate you because we know damned well you brought down the entire country financially by covering up for that other pig Franklin Raines and his tanking of Fannie Mae–not to mention the millions of dollars in bonuses he gave himself while Fannie Mae was collapsing under your watch.  We hate you because you are a lying hypocrite who is now chastising people who are no worse than you are. Just saying.

Also not stupid enough to carry out their discovered plans,  Morgan Stanley  swam in Denial River when questioned about their little junket plans.

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Morgan Stanley, which received $10 billion in bailout funds, had been planning to send its top employees to a hotel in Monte Carlo this April. A Morgan Stanley travel agent said that the trip, along with a similar event in the Bahamas, was still on as of Tuesday afternoon. But company spokesman Jim Wiggins said employees were told Monday that the events were canceled. He said the travel agent was incorrect.

I’ll bet they have a new travel agent now, don’t you?

39 Responses

  1. I heard this morning that Duval Patrick was now under consideration for Daschel’s Lost Opportunity.

    Only hope here is that he has tax (or other) problems too….

    It would be nice to get him gone.

  2. Wasn’t Duval Patrick in jail?

    I think the banks should say it’s stimulus. How are the Democrats going to disagree when all their money for the movie industry and landscaping is all stimulus too?

  3. Incognito – no….that was Obama’s other Buddy…that Super Delegate from Chicago.

    His name escapes me at the moment, but I think he is out now.

  4. Incognito Kwambe something or other the ex mayor of detroit.

  5. Is that Nero I hear playing in the background?

  6. Another Citigroup fiesta for our esteemed Congressional leaders:

    Rangel, Other Reps, Party in Caribbean With Citi Funds
    http://www.newsmax.com/insidecover/rangel_carribean_citi/2009/01/30/176811.html

    Six Democratic members of Congress enjoyed a Caribbean junket sponsored by Citigroup after Congress had approved the $700 billion bailout of financial services firms in October.

    The NLPC said in a statement: “The ‘lead sponsor’ was Citigroup, which contributed $100,000. Citigroup was certainly aware that it would be a major recipient of bailout funds. It was also aware that its fortunes had become increasingly reliant on Congressional actions.

  7. gagirl – ya think we will hear the “outrage” from Mr. Obama on this one?

    naw…didn’t think so either – so I sent it to Beck! LOL!

  8. Ya know – I am really sick of this shit. Where the hell is our money going and why are we letting these pigs IN AND OUT of Washington and elsewhere get away with this?

    WHERE IS THE OUTRAGE?!

    Not the “faux outrage” Mr. Obama managed to conjure up, but the real outrage of the American People who are getting bilked and threatened daily?

    Nancy Pelosi was off the mark by 100,000,000 today. Unemployment report was that 600,000,000 Americans applied for benefits in the last reporting period.

    But TAX CHEAT Rangle and pals are off in the Caribbean pissing on us all.

  9. Over at the NYT, they are ranking out the Republican $15K tax credit–which is lame in light of where we are. Many readers are saying, we need the NEA, etc. That is part of the normal auth/approp cycle or should be–people don’t understand the legislative process… or what used to be the legis process.

    I know you hate Glenn Beck–but this was stirring…

    Or are some people a little shaken now, not stirred? We can er, hopoe.

  10. This is criminal people are losing their jobs healthcare and cannot put food on the table….
    and these greedy folk feel its fun to go to the Caribbean….

    They should lose their jobs on the spot.
    They should give each household XXX $s to pay off their mortgage and stimulate the banks that way instead they gave it to greedy men who flaunt themselves on vacation. It is a crime!!!

  11. We need torches, pitchforks, and a bunch of peasants.

  12. Everyday, and I mean everyday, my local paper is reporting another layoff, 20 here, 200 there, company closings, cuts to municipal services, in a city of less than 180,000. As this glides across the nation, from metropolis to hamlet, the mood is one of utter despair.

    The loss of job, home, health care is increasingly frightening and no one seems to be doing much to ease these fears coming out of DC.

    We elected a No Nothing and this is the end result. Not saying it is all his fault but wasn’t he elected on the premise of turning back the tide of destruction? Lives are hanging in the balance and he takes the time to go read to grammar school students. What is wrong with this picture?

  13. That $500K cap hardly applies to anyone–certainly not to those gigantic hogs at B of A (losing my mother’s money as we speak) and Citi–they are safe. I do see maybe a little upside–new companies may hesitate to get the bailouts bec it would cut their eeny-weenie CEOs.

  14. 600,000,000 unemployment. Holy shit. That doesn’t even include the millions who got their last checks and fell off the rolls still unemployed.

  15. I love the excuse that “we must pay them these bonuses to ensure that we don’t lose them to another firm”. Are you kidding me? The same group of incompetent crooks may go elsewhere? Where? They produce nothing but play with paper all day long.

    Most industries are laying off or closing altogether. Is there and employment ad out there that reads as follows:

    “Tired of being denied those huge bonuses you expected to receive by running your financial institution into the ground? Sick of being threatened with a cap on your earnings for non production? If you have no conscience or integrity, then you may be just what we are looking for! Come on down! We have room for you at the trough!”

    Submit resume to: Versailles-2009.

  16. Pass it now or AMERICA MAY NEVER RECOVER?

    wtf?

    THIS is LEADERSHIP?
    THIS is “Hope?”

    And so…what if THEY were to pass it as is, and it fails?
    He won’t care. He and his buddy’s will take their pot full of cash and go party with Cheney.

    If it does work, AMERICA WILL NEVER RECOVER.

  17. Uppity – the ACTUAL number was 626,000, – despite Pelosi’s projections….

    An all time high.

    And you are right, that does not include those who have fallen off or, like me, would not qualify because I am self-employed…

    but of course I pay Self-employment TAX.

  18. “yttik, on February 5th, 2009 at 10:37 AM Said:

    We need torches, pitchforks, and a bunch of peasants.”

    ——

    yttik – it is WE WHO ARE “the Peasants” You cannot employ someone to fight FOR you…

  19. Here’s another blood-boiler:

    http://online.wsj.com/article/SB123379250904649911.html#articleTabs%3Darticle

    “More Call for Probe on Financial Crisis
    Demand is growing in both parties in Congress for an investigation of the causes of the nation’s financial crisis, with many members calling for an independent commission modeled after the one that investigated the Sept. 11, 2001, terrorist attacks.

    Leaders of the House and Senate had previously shown little interest in studying what led to reckless mortgage lending and the spread of high-risk investments throughout the financial system. But support for an in-depth examination is gaining traction, with dozens of lawmakers from both parties signing onto bills that would create a commission. Sen. Richard Shelby, the ranking Republican on the Senate Banking Committee, said Tuesday that such a serious probe is imperative. He called on his own committee to conduct one as it did during the Great Depression.”
    *snip*
    But surprise….the WH and friends have not jumped on that investigation bandwagon!
    *snip*
    “Neither Democrat leaders nor the White House has endorsed the idea. “The top priority is to actually do something that directly addresses the economic crisis rather than study it for a few months and issue a report,” said a spokesman for Senate Majority Leader Harry Reid.”

    BTW, no one advocated waiting to act until the investigation was complete. They just said that it would be smart to know what went on as we move towards regulations.

  20. No, we are the only ones that are outraged. We have to keep contacting any representatives we have left that are listening. I plan on contacting Shelby as well. They have to hear our outrage. We are definitely the “peasants” and the gilded elite certainly see us that way……….poor little taxpayers……

  21. gagirl: Haven’t you heard? We are “going forward, not looking back” says our vaunted Chief Executive.

  22. Oh yes, I forgot. That’s the same guy that keeps talking about Abe Lincoln, FDR and the mess that he inherited from the last prez. Right.

    On another note, has he fixed the natural disaster problems in Kentucky yet? I haven’t heard him mention anything about that. I’m sure those people are all taken care of and the news has just not reported it yet.

  23. Kentucky? Is that one of the 57 states? Not sure if word has reached him as yet. He was too busy attending a “prayer” breakfast, reading to grammar school kids, giving interviews to 5 network talking heads, and weight lifting.

    Kentucky has problems? Who knew? And would somebody please turn up the heat. I need to look like I am doing something in my shirtsleeves for the photogs who want a picture of “a man at work”.

  24. Do we or do we not only have 350 million people in the whole US? Am I losing my mind? How can 600 million be unemployed?

  25. Star: You forgot those extra 7 states.

  26. Actually, you should look at the DOL’s information on the number of people employed for a better picture of the job situation.

  27. Star as I said in my post the Botox is going to poor Nancy’s brain.

  28. Panetta–$700K from Wachovia, etc. in 2008. Just sayin’.

  29. Do we or do we not only have 350 million people in the whole US? Am I losing my mind? How can 600 million be unemployed?

    LOL Star! Those numbers do make things difficult. Maybe she’s including all the illegal aliens she wants to bring in and register as Democrats? Seriously, I think we have all gone zero crazy since we have started to hear the word “trillion” thrown around so much like it’s pocket change.

  30. Oh, I have already shortened that to “trill.”

  31. we are so screwn…….

  32. Go, Lindsey Graham—he was up on his hind legs on Matthews–“No, YOU, look–if this is change, count me out.”

  33. I may be in spam again…come on, WordPress.

  34. Star don’t tell UW. I fished you out.

  35. Thanks, DE. Here I am typing my lil fingers to the bone today….

  36. Kick ass post, Uppity! I love the way you nail these jerks.

  37. DE! You fished her out! You know everyone wants to get rid of her!
    …..ducking and running…

    DE, please always fish our regulars out, mmmmmkay?

  38. Thanks socal. Don’t you just want to walk right up to them and smack them?

  39. I think i have a hint as to why some folks land in spam. ..or at least some of the cases. AOL. If you use AOL, you get a different IP address every time you sign on. So, since our moderation is set up so that if it’s your first post, you land in Moderation till we sniff you out, if you are on AOL, you are almost always gonna land in spam.

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