We just lost $473,830,939.10 - PowerStrokeNation : Ford Powerstroke Diesel Forum
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post #1 of 18 (permalink) Old 01-18-2011, 12:49 PM Thread Starter
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We just lost $473,830,939.10

Citigroup posts $1.3 billion quarterly profit - Business - Eye on the Economy - Stocks & economy - msnbc.com

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NEW YORK Citigroup Inc posted a $1.3 billion quarterly profit on Tuesday, as the third-largest U.S. bank rounded off a year of recovery from the financial crisis.
But don't forget;

Tax Break Negates U.S. Profit from Citi's TARP Repayment - Money Morning

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The U.S. Treasury's Internal Revenue Service (IRS) on Friday made an exception to longtime tax rules that will enable Citi to avoid taxes on its next $38 billion in profits - the value of the bank's past losses at the end of the third quarter, The Washington Post reported.
So while many wanted to raise taxes on personal income don't forget they let others just slide with a wink and a nod.

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post #2 of 18 (permalink) Old 01-18-2011, 03:13 PM
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Re: We just lost $473,830,939.10

While I agree that it doesn't seem fair they get tax breaks, there are other considerations here.

Had Citi gone under, think about the jobs lost and the individual personal income tax that would not have been collected.

Not to mention the ripple effect on all the other banks/financial institutions.

Stepping back and looking at the big picture, even if we break even (or come out of it a little behind).......TARP loans were the right thing to do in my opinion.


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Never have so many politicians, screwed so many Americans...just to make one black person lose his job.
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post #3 of 18 (permalink) Old 01-18-2011, 03:26 PM Thread Starter
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Re: We just lost $473,830,939.10

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Originally Posted by AK Gandy View Post
While I agree that it doesn't seem fair they get tax breaks, there are other considerations here.

Had Citi gone under, think about the jobs lost and the individual personal income tax that would not have been collected.

Not to mention the ripple effect on all the other banks/financial institutions.

Stepping back and looking at the big picture, even if we break even (or come out of it a little behind).......TARP loans were the right thing to do in my opinion.


.
We can speculate all day long.....IMHO had Citi "gone under" someone would have picked up their business....just like they did with WorldCom and Adelphia in the early 2000s. Companies would be chomping at the bit to take over that revenue and the only thing that would have changed would have been their name. No major interuptions for the business world.

The fact is we just gave up $473,830,939.10 in tax revenue (with more being given up in the future) when people advocate raising taxes on individuals.

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post #4 of 18 (permalink) Old 01-18-2011, 09:42 PM
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Re: We just lost $473,830,939.10

Personally for the experience with citi with my family they should have gone under for shady business practices.

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post #5 of 18 (permalink) Old 01-18-2011, 09:55 PM
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Re: We just lost $473,830,939.10

Hey, if I had a Congress in my pocket, I'd want a tax break too!
Golden rule is holding true- those with the gold still make the rules. The rest of us get to sort our own stuff out.

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post #6 of 18 (permalink) Old 01-18-2011, 10:53 PM
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Re: We just lost $473,830,939.10

Quote:
Originally Posted by AK Gandy View Post
While I agree that it doesn't seem fair they get tax breaks, there are other considerations here.

Had Citi gone under, think about the jobs lost and the individual personal income tax that would not have been collected.

Not to mention the ripple effect on all the other banks/financial institutions.

Stepping back and looking at the big picture, even if we break even (or come out of it a little behind).......TARP loans were the right thing to do in my opinion.


.
I used to work for Citi, they've been going down the crapper behind closed doors for over 10 years, it's just in more recent years that its been pushed into the sunlight.

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post #7 of 18 (permalink) Old 01-18-2011, 11:48 PM
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Re: We just lost $473,830,939.10

Love it... So we each gave $1.50 to citi bank...

Lost 473,839,900 divided by 311,909,000 (population of the US)...

And this was a good choice why? Because my taxes will go up? Because the banks needed our help? Because poor banks might not be able to buy that new sports arena...

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post #8 of 18 (permalink) Old 01-19-2011, 12:24 AM
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Re: We just lost $473,830,939.10

I think the title of the thread is misleading a lot of people.

We didn't "lose" $473M.

If Citi goes belly up (and takes others with it), then they wouldn't even be in a position right now to pay taxes anyway.

Quote:
Originally Posted by psRumors
We can speculate all day long.....IMHO had Citi "gone under" someone would have picked up their business....just like they did with WorldCom and Adelphia in the early 2000s. Companies would be chomping at the bit to take over that revenue and the only thing that would have changed would have been their name. No major interuptions for the business world.
Talk about "pure speculation?"

So tell us Ron, who would have eaten the losses from Citi?

You know damn well that there isn't a single bank.......... that would have bought them with their bad loans on the books.

So then we, the taxpayers take the hit.......without any chance of getting our money back.

Not to mention the additional employees laid off when they merged (it always happens) and the lost taxes and money stream they produce.


Quote:
The fact is we just gave up $473,830,939.10 in tax revenue (with more being given up in the future) when people advocate raising taxes on individuals.
The only people who look at it like that, are those who are myopic as to the big picture.


Don't get the idea that I was happy the way it was handled however....because I wasn't.

I'm not as worried about the tax break, as much as the fact the money was handed to them with very little oversight or controls.




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Never have so many politicians, screwed so many Americans...just to make one black person lose his job.
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post #9 of 18 (permalink) Old 01-19-2011, 01:18 AM Thread Starter
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Re: We just lost $473,830,939.10

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Originally Posted by AK Gandy View Post
I think the title of the thread is misleading a lot of people.

We didn't "lose" $473M.

If Citi goes belly up (and takes others with it), then they wouldn't even be in a position right now to pay taxes anyway.
More ifs.....like I said we can speculate all day. I remember Ford saying they couldn't make it without help and then....we all know what happened there.

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Originally Posted by AK Gandy View Post
Talk about "pure speculation?"
Yup.....it was...it was my opinion of what would have happened.

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Originally Posted by AK Gandy View Post
So tell us Ron, who would have eaten the losses from Citi?
Um....the same ones that are eating it now?

Quote:
Originally Posted by AK Gandy View Post
You know damn well that there isn't a single bank.......... that would have bought them with their bad loans on the books.

So then we, the taxpayers take the hit.......without any chance of getting our money back.

Not to mention the additional employees laid off when they merged (it always happens) and the lost taxes and money stream they produce.
More speculation....we don't know what would have happened only what is happening


Quote:
Originally Posted by AK Gandy View Post
The only people who look at it like that, are those who are myopic as to the big picture.
Nope not at all....in the big picture of things I think we are setting ourselves up for an even bigger hit with bigger losses.

What has changed? What have we learned? We are about to be back to business as usual....until the next time.

Quote:
Originally Posted by AK Gandy View Post
Don't get the idea that I was happy the way it was handled however....because I wasn't.

I'm not as worried about the tax break, as much as the fact the money was handed to them with very little oversight or controls.

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post #10 of 18 (permalink) Old 01-19-2011, 01:03 PM
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Re: We just lost $473,830,939.10

AKA Candyman, you really need to read "A Corporate Tragedy" by Barbara Marsh about International Harvestor. They were one of the largest corporations in the world. They were split up and sold. Do they exist today yes, the Truck and engine group remain as is today, but the solar division, construction division and ag division were all divided. If you think for one moment that citi wouldn't have been split up and sold, you are sadly mistaken. If you continue to bounce your mortgage check each month, do you think you will keep your house for long?
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