Progressives Against Democrats

The truth is that it isn't Democrats vs. Republicans. It is two good old boy's clubs working together to enact class warfare:that is to enact class warfare against you and me. Will you too sell out to the Democrats and their lies about being an opposition party, or will you stand with me and fight?

Sunday, April 09, 2006

FED Let's Citigroup Loose on Competitors

From qrswave, posted orginally at the top quality blog http://wakeupfromyourslumber.blogspot.com .

The Federal Reserve has given Citigroup Inc. a green light to acquire competitors after issuing an order in March 2005 preventing it from making acquisitions.

Apparently, the Fed rescinded its ban sooner than expected. "Such orders typically stay in effect for 18 months or more."

In part because of the Fed order, [CEO] Prince slowed the pace of acquisitions that had been Citigroup's hallmark under his predecessor, Sanford Weill. . . .

From 1986 to 1998, when Travelers Group Inc. bought Citicorp to create Citigroup, Weill made more than 100 purchases, transforming a Baltimore-based consumer lender into a bank, brokerage, securities firm and insurer with operations around the globe.

"Citigroup was built through putting companies together, and acquisitions were always an important part of growth" . . .
Much like cancer, financial institutions infiltrate and eventually overwhelm every business they come in contact with. Avoid them like the plague.

1 Comments:

At 5:01 PM, Blogger Citisucks said...

Please do check out qrswave's blog. It's a great blog.

 

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