The news (not the Financial News!) has been dominated by 2 stories for the past 24 hours: Hillary Clinton as Sec. of State and the "need" to do something about Citibank.
The first story is too easy to pick on, and if I am correct, Senator Clinton will afford me plenty of opportunities in the future to get to her.
The other story is just gnawing at my ass!
Everywhere you turn there are people talking about saving this bank. It is "too important to let fail", the "American taxpayer will lose the most" if it goes down and the like.
Well I am not just some uninformed, hilarious, handsome, well-dressed, God-in-the Bedroom kind of guy, though all of the aforementioned are correct. I happen to read and pay attention.
Last May I read the fascinating biography of Prince Al-Waleed bin Talal, Alwaleed. It not only chronicled the life of one of the world's most astute, wealthy and powerful entrepreneurs, it also allowed for an inside look at the inner workings of what is called "western capitalism." He is the largest individual shareholder of Citibank stock, primarily responsible for "saving the company" from itself in the early 1990's with his capital infusion.
For all intents and purposes he is a good, smart, moderate human being. So this is not headed where you're thinking, if you are one of those anti-globalist folks.
I will not share all the details with you, but I find it interesting the difference a year can make.
READ THIS to see why most Americans may think his name sounds familiar. It is from November 12, 2007, just over a year ago.
Or you can just watch this gushing report:
Now let's hurry up and give him some money, we don't want him having to stand in line at the unemployment office.
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