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.
Sentiment: POSITIVE
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.
History proves... that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.
Citigroup has a lot of money, it spends a lot of money, and it uses that money to grow and consolidate power. And it pays off.
Let's be honest: It wasn't just the banks who messed up. There were a lot of people who tried to buy assets they couldn't afford. That's a reality.
The thought for a long time was that banks needed to be too controlled, too regulated to be turned over to the Wild West of the Net. Then the credit meltdown hit, and we saw just how reckless these so-called safe and regulated institutions were.
The one thing people don't appreciate, I think, is that central banking is not a new development. It's been around for a very long time.
Banking technology has made it simple and efficient to invest in good causes.
I happen to know a bit about banking.
The financial system has to be regulated, we have to end with the tax havens, and it's necessary that the central banks in the world should control a little bit the banks' financing because they cannot bypass a certain range of leverage.
The Congress has had an uneasy relationship with banks and bankers since Alexander Hamilton. It took the United States until 1913 to set up a central bank. The Federal Reserve earned its hard-won independence over years of effort.
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