Crumbling trust…

Besides having taxpayers explicitly picking up the tab for losses and “toxic” assets, the recent “rescue” of Citigroup opens up a cortege of questions. First, why in the world its new CEO Vikram Pandit didn’t see that train wreck coming a month ago? I don’t care what others think, that guy should go. Everyone is saying that “Citigroup was too large to fail” but this bring up another lesson; why in the world did the Fed allow banks to become so huge in the first place by swallowing its smaller competitors and picking up so many “garbage companies” in the process? Also the saved giant now has an unfair advantage over its competitors that are all going to turn to us, the taxpayers, when problems start to emerge with them (and they will...) Finally, isn’t it ironical that congress spends the time to place our three top auto execs on a hot seat while giving our same financial chiefs a blank check. Well, as I’ve said before, I trust Hank Paulson and the bank chiefs even less and believe that the average American still has no clue on how bad the banking mess really is. Again, we’re still talking about a couple trillion dollars worth of catastrophe in the making… Tighten your belt even more, America!