Tuesday, January 19, 2010

Failure


From a news feed this morning from the New York Times.

Citigroup Reports a $1.6 Billion Loss in 2009
Even as it untangles itself from the federal government,
Citigroup has shown few signs of a quick recovery. On
Tuesday, the banking giant announced its second consecutive
yearly loss.

The bank said that it lost about $1.6 billion in 2009 --
after a $18.72 billion loss the year before. It also reported
$7.6 billion loss in the fourth quarter, the result of a
$10.1 billion accounting charge tied to the repayment of its
bailout money, which ended any chance of a profit. Last year,
the bank had a fourth quarter loss of $8.29 billion or a
$1.72 a share.

Again. Darwin was right. We should not have bailed out anyone and just let them sink or swim on their own.

What's a mother to do?

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