Citi yesterday agreed to “cramdowns” for resetting mortgage amounts and rates for troubled borrowers.
Politicians all across America declared that this was a breakthrough, etc.
One would not think it at all surprising though, given the $45 billion pumped into Citi by our great Uncle, and our Uncle’s willingness to absorb more than $300 billion of future Citi losses.
Socialism clearly has some benefits. With a tight leash (like Citi is on), the master can dictate many things.
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