Citibank goes a begging

A note on the selling of Citibank's soul to China and Kuwait and other foreign private investors. The subprime mortgage meltdown has down the proud Citibank in. It has to go begging far and wide, to absorb the seimic shock of writing off billions in bad loans. And this is just the beginning, for a conservate estimate for the investment banking industry puts the tab around half a trillion US dollars. A wag who reads back issues of the Wall Street Journal will find this cynical comment made by a banker during the 1980's Latin American debt crisis which forced American banks to writhe in pain. `We bankers are for the free market when we can make a buck, and we believe in the state when we are losing a buck!' So much for the capitalism that the toilet bowl cleaner Alan Greenspan believes in! Greed is the spreading cancer eating up the US' prime place in the market.