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ΜΟΛΩΝ ΛΑΒ&
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Discussion Starter #1
Just heard on the news that Citigroup has loaned the government of Dubai $9 Billion dollars of the TARP money they received from us the taxpayers.

Bank of America invested $7 Billion of TARP funds in China.

I cannot find a link yet. It just came out on FOX news. If anyone finds a link, please post.

This pisses me off. TARP I, TARP II and the most recent stimulus money was supposed to to to help AMERICANS and these roostersuckers are giving it to other nations--unfriendly ones at that.

Why do my taxes have to go up to pay for loans to China and Dubai? This is absurd.
 

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Prepared in NH
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12,866 Posts
Well, that is what they do. They are a bank, they try to make their money off of loans.

Will they make any money off of that decision? Maybe not. Dubai's economy is not looking too good these days. All that building and development Dubai was involved with, is supposed to have come to a screeching halt.


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Poop is a weapon…. monkeys use it….. aim for the eyes
 

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-Novice Genius-
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417 Posts
Just heard on the news that Citigroup has loaned the government of Dubai $9 Billion dollars of the TARP money they received from us the taxpayers.

Bank of America invested $7 Billion of TARP funds in China.

I cannot find a link yet. It just came out on FOX news. If anyone finds a link, please post.

This pisses me off. TARP I, TARP II and the most recent stimulus money was supposed to to to help AMERICANS and these roostersuckers are giving it to other nations--unfriendly ones at that.

Why do my taxes have to go up to pay for loans to China and Dubai? This is absurd.
Thanx for posting, I hadn't seen this yet.
I will also check for a link.

Absolutely ridiculous!
They had stopped ordering concrete for that "Tallest Building in the World" they are trying to erect, so now WE have to pay to get it moving again?!

And Citi (we just had two profitable months cause we steal taxpayer $) Group to do the "loaning"...even better. :xeye:
MP76
 

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ΜΟΛΩΝ ΛΑΒ&
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8,248 Posts
Discussion Starter #5
The rabbit hole goes deeper my friends. Apparantly Dubai got a 10 billion dollar bailout from the U.A.E. to prop them up.

But guess what? Dubai help prop up Citi at the end of 2007 and bought a 75% stake in the Sears Tower.

"Moody's Investors Service warned in October that Dubai may need help from Abu Dhabi to pay for its debt. The emirate may have to refinance $15 billion this year in maturing loans and bonds, Moody's said.

Abu Dhabi, for its part, has invested around the world, buying a 75% stake in New York's iconic Chrysler Building last summer when oil prices were at their peak and helping to bail out the financial giant Citigroup with $7.5 billion at the end of 2007."



http://money.cnn.com/2009/02/23/news/international/dubai_bailout/index.htm?section=money_latest
 

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ΜΟΛΩΝ ΛΑΒ&
Joined
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8,248 Posts
Discussion Starter #6
Well, that is what they do. They are a bank, they try to make their money off of loans.

Will they make any money off of that decision? Maybe not. Dubai's economy is not looking too good these days. All that building and development Dubai was involved with, is supposed to have come to a screeching halt.


__________________________________________________
Poop is a weapon…. monkeys use it….. aim for the eyes
Dude. Wake up. No offense, but all of the bailout money and stimulus money was intended to go to America because of the mortgage crisis and to help our economy as well as thaw the credit creeze here at home.
 

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Looks like a few banks loaned money to several other countries:

Lawmakers Criticize ‘Questionable’ TARP Spending (Update3)

Lawmakers criticized former Treasury Secretary Henry Paulson and the Bush administration for failing to ensure the initial $350 billion of rescue funds was used to spur lending to U.S. consumers as the nation’s economy sank into the worst financial crisis since the Great Depression. Citigroup’s $8 billion loan to Dubai’s government, a JPMorgan $1 billion investment in India and Bank of America’s $7 billion investment in China Construction Bank Corp. were called misuses of U.S. funds in today’s memo.
LINK

Here at work and a few friends across the country took a 10% paycut after other people were layed off and our tax-payers money is being sent overseas? Almost makes one want to grab pitchforks and torches and go to the big house and demand something be done about this.
 

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ΜΟΛΩΝ ΛΑΒ&
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8,248 Posts
Discussion Starter #8
Looks like a few banks loaned money to several other countries:


LINK

Almost makes one want to grab pitchforks and torches and go to the big house and demand something be done about this.
Why stop with a pitchfork and torch?....
 

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Prepared in NH
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12,866 Posts
Dude. Wake up. No offense, but all of the bailout money and stimulus money was intended to go to America because of the mortgage crisis and to help our economy as well as thaw the credit creeze here at home.

No Offense taken at all.

..... I am far, far...from being a financial wizard/pro (ask my wife - She handles the "books" - I get a weekly allowance - :D:).

I was stating one point, I thought I was aware of, but, I'm sure that there are a lot of financial areas that you could correct me about...


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Poop is a weapon…. monkeys use it….. aim for the eyes
 

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-Novice Genius-
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Oh, come on guys...don't be like that.
Dubai needs our hard earned money so they can put in their air conditioned BEACH!

http://tech.yahoo.com/blogs/hughes/36240
According to the Australian, the Palazzo Versace, a luxury hotel in Dubai set to open in 2010, is about to create the first climate controlled beach for the rich and famous. The 10-storey luxury hotel will house 169 apartments and 213 luxurious rooms, each with their own pool. But the main attraction will obviously be the famous refrigerated beach.

The article says the beach will have a network of pipes beneath the sand with coolants made to absorb the heat from the surface. The swimming pool's temperature will be controlled, and giant fans will be installed throughout to blow a gentle breeze over the so-called beach. Everything, including the thermostats, will be linked to computers in order to achieve that perfect temperature.
We're getting kicked out of our homes, losing jobs, not saving, living paycheck to paycheck, overall struggling, and they get an air conditioned beach...with money we loaned/gave them.
Awesome. :mad:
MP76
 

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ΜΟΛΩΝ ΛΑΒ&
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8,248 Posts
Discussion Starter #11
Oh, come on guys...don't be like that.
Dubai needs our hard earned money so they can put in their air conditioned BEACH!

http://tech.yahoo.com/blogs/hughes/36240

We're getting kicked out of our homes, losing jobs, not saving, living paycheck to paycheck, overall struggling, and they get an air conditioned beach...with money we loaned/gave them.
Awesome. :mad:
MP76
would this be on the man-made group of islands shaped like a palm tree which happens to be sinking?
 
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