Where is the FDIC with Citibank?
Emergency Telegram to Shelia Bair from Krogoth
Hello? Shelia Bair? Where are you? Stop. Citibank, Danger! Stop. Saudi Prince funds not helping. Stop. WAMU situation. Call JPM Chase and see if they want it. Stop. Try not to show favoritism as discussed so stupidly. Stop
End of telegram
This is a bank run in the making. Where is the FDIC? This is nothing short of criminal and Shelia Bair should resign right now. Do you know the damage she did to Washington Mutual? How many people will lose jobs at WAMU at the end of the year? How many people lost everything with WAMU stock? It’s going to practically shutdown downtown Seattle. It may have a great effect on Boeing and Microsoft as well. Does anybody regulate this Bush monkey? THIS is an example of favoritism with all these bank failures, and it’s not even being reported on the news. Just that CITI is down, that’s all. This is getting ridiculous.
Something is very, very broken at Citi.
And Bank of America (BAC).
It is this constellation that has me worried. Too big to fail? What if they are too big to save?
The odds of a Citi-inspired pizza party at the FDIC this weekend are now sky high.
We both have reported how Citibank is in trouble, it’s the favoritism of the FDIC and the way they are handling things that bugs me. This needs to be investigated. Plus, the FDIC has a record of not doing much over the weekend. If JPM Chase goes down, that would be interesting. I would not shed a tear for them, because they are on top of the FDIC’s favorites list. As for Bank of America, I need to get my money out and put it into Wells Fargo.
Monday should be interesting.
I noticed while at my local BAC branch yesterday they were increasively aggressive about pushing various products to have me both deposit more and borrow more from them.
I asked a rep is there a chance of a change on my HELOC limit. She said earlier this year they did send out letters to certain folks reducing their limits, but if I didn’t get a letter nothing has changed and a reduction wouldn’t happen unless I get into default; of course she couldn’t guarantee things wouldn’t change in the future.
I am reading on the stock message boards, and most people are saying a bank run wont happen. My ass it wont happen. This stock keeps dropping and people will pull the money.
I cannot express how damaging the FDIC is. I have friends that work for WAMU that’s now JPM Chase, and let me tell you something I don’t usually share, suicides are happening and being attempted for the actions of the FDIC because people have lost EVERYTHING. Nobody is looking at them. They are doing what they want, and giving deals to who they want. Maybe Citi is too big for Shelia to step in, they do have the largest bad mortgage owenership, who knows? But the FDIC is a HUGE factor in this equation that most people are ignoring.
It’s hard for a bank run to happen these days. There is a daily cap of $5k on cash withdrawals from your account at Citi. I found out the hard way when I tried to take out money. You have to make a cash order which can take up to two weeks to fill. I am not feeling good these days as I have a large CD with them which is tied up till April 09. Will cost money to take it out early.
Not impossible though
I’m missing something here: I feel in the dark about this FDIC thread. What are they doing/not doing that is setting up Citibank? And what does it have to do with Chase and the WAMU bankruptcy?
btw, we were able to take more than $5K out of citibank no problem – though that was over a month ago… wonder if it’s changed since then