||More Real News O'Reilly Has Ignored
By: Steve - December 8, 2010 - 9:30am
Two years after the federal government bailed out Citigroup, the U.S. Treasury is selling off the last remaining shares in the company. And that means the taxpayers will see a $12 billion dollar profit on the government's multi-billion dollar investment in Citigroup.
Making O'Reilly and all his right-wing friends who opposed the bailout look like fools. Which is why O'Reilly and most of the idiots at Fox are ignoring this story.
From the NY Times:
The move, announced late Monday, largely ends the remarkable federal rescue of Citigroup, whose downfall came to symbolize all that was wrong with Wall Street. It also represents another milestone in the postbailout era.
The sale would effectively free the giant company from modest federal pay restrictions and lift a cloud that has hung over its chief executive, Vikram S. Pandit. "We are very appreciative of the support provided by the U.S.T. during the financial crisis," the company said in a statement, referring to the United States Treasury.
The Treasury announced Monday evening that it would start selling 2.4 billion shares of Citigroup common stock. The deal was expected to be priced at $4.35 a share. All told, that means that taxpayers will reap about a $12 billion profit on the Treasury's multibillion-dollar investment in Citigroup.
While the final accounting of the government broader bailouts will not be known for years, major banks and the Detroit automakers have emerged from the rescues far faster than many had expected.
And remember this folks, most of the Republicans called this a bailout. When in fact, it was a loan, and the Government actually made a profit on the deals. Proving once again that Republicans spend most of their time lying to you.
Now you have the facts, the Government made loans, and then they got the loan mney back, plus a profit. It was not a handout, it was a loan. Notice that O'Reilly ignored this story, just as he has ingored the Gallup poll that has Obama at 48% job approval now.