Category Archives: Ben Bernanke

Citigroup’s Spending Indefensible and Unacceptable (Rep. Elijah Cummings)


From the Hill’s Congressional Blog-

After reading yesterday morning that Citigroup–which has already received $25 billion in bailout money–is adamant in maintaining its $400 million naming rights to the new New York Mets stadium, I was shocked to learn that the company came to the federal government asking for an additional multi-billion dollar lifeline. Surely, if the company has the funds to paste its name to a recreational facility, it has the money to maintain its operations and keep the 52,000 jobs it announced last week it would be eliminating.

While I understand that Citi is under a contractual obligation with the Mets, I cannot understand why the organization seems to be refusing at the very least to explore options out of that contract. This type of spending is indefensible and unacceptable to Citigroup’s new partner and largest investor: the American taxpayer. My constituents in Maryland did not turn over their hard-earned wages to fund a baseball stadium in New York.

One would think that the Mets would be open to finding a new sponsor, as well. Why would any team want its new stadium, the symbol of a new era of victories, to be named after and symbolized by a company claiming to be on the brink of collapse?

I strongly urge Citigroup to find a way out of this contract and instead spend that $400 million on retaining its employees and restoring confidence in its operations. Furthermore, I encourage Citigroup and every other corporation depending on taxpayer dollars to stop the reckless spending, and I again insist that Secretary Paulson and Chairman Bernanke start holding these companies accountable. We cannot continue to pour taxpayer dollars into buckets with holes.

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Filed under bailout, Ben Bernanke, Citi Field, Citigroup, Henry Paulson, NY Mets, Rep. Elijah Cummings, taxpayers

Citigroup’s Spending Indefensible and Unacceptable (Rep. Elijah Cummings)


From the Hill’s Congressional Blog-

After reading yesterday morning that Citigroup–which has already received $25 billion in bailout money–is adamant in maintaining its $400 million naming rights to the new New York Mets stadium, I was shocked to learn that the company came to the federal government asking for an additional multi-billion dollar lifeline. Surely, if the company has the funds to paste its name to a recreational facility, it has the money to maintain its operations and keep the 52,000 jobs it announced last week it would be eliminating.

While I understand that Citi is under a contractual obligation with the Mets, I cannot understand why the organization seems to be refusing at the very least to explore options out of that contract. This type of spending is indefensible and unacceptable to Citigroup’s new partner and largest investor: the American taxpayer. My constituents in Maryland did not turn over their hard-earned wages to fund a baseball stadium in New York.

One would think that the Mets would be open to finding a new sponsor, as well. Why would any team want its new stadium, the symbol of a new era of victories, to be named after and symbolized by a company claiming to be on the brink of collapse?

I strongly urge Citigroup to find a way out of this contract and instead spend that $400 million on retaining its employees and restoring confidence in its operations. Furthermore, I encourage Citigroup and every other corporation depending on taxpayer dollars to stop the reckless spending, and I again insist that Secretary Paulson and Chairman Bernanke start holding these companies accountable. We cannot continue to pour taxpayer dollars into buckets with holes.

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Filed under bailout, Ben Bernanke, Citi Field, Citigroup, Henry Paulson, NY Mets, Rep. Elijah Cummings, taxpayers

Gerald Celente – Founder of The Trends Research Institute

If Nostradamus were alive today, he’d have a hard time keeping up with Gerald Celente. — New York Post

Founder of The Trends Research Institute, Gerald Celente’s predictions are coming true!

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Filed under Allen Greenspan, Ben Bernanke, Gerald Celente, Henry Paulson, Ron Paul, Trends Research Institute

Gerald Celente – Founder of The Trends Research Institute

If Nostradamus were alive today, he’d have a hard time keeping up with Gerald Celente. — New York Post

Founder of The Trends Research Institute, Gerald Celente’s predictions are coming true!

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Filed under Allen Greenspan, Ben Bernanke, Gerald Celente, Henry Paulson, Ron Paul, Trends Research Institute

>Bernanke says economic troubles not over

>By Klaus Marre
Posted: 08/22/08
The Hill – Leading the News

Federal Reserve Chairman Ben Bernanke on Friday said the country’s financial crisis is not yet over, noting that its effects on the broader economy are increasingly showing.

“Although we have seen improved functioning in some markets, the financial storm that reached gale force [about a year ago] has not yet subsided, and its effects on the broader economy are becoming apparent in the form of softening economic activity and rising unemployment,” Bernanke said at an economic symposium in Wyoming.

“Add to this mix a jump in inflation, in part the product of a global commodity boom, and the result has been one of the most challenging economic and policy environments in memory,” the Fed chairman stated.

However, Bernanke expressed optimism that inflation would moderate toward the end of the year and in 2009.

“Nevertheless, the inflation outlook remains highly uncertain, not least because of the difficulty of predicting the future course of commodity prices, and we will continue to monitor inflation and inflation expectations closely,” he stated.

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Filed under Ben Bernanke, economy, fiscal crisis, The Hill

Bernanke says economic troubles not over

By Klaus Marre
Posted: 08/22/08
The Hill – Leading the News

Federal Reserve Chairman Ben Bernanke on Friday said the country’s financial crisis is not yet over, noting that its effects on the broader economy are increasingly showing.

“Although we have seen improved functioning in some markets, the financial storm that reached gale force [about a year ago] has not yet subsided, and its effects on the broader economy are becoming apparent in the form of softening economic activity and rising unemployment,” Bernanke said at an economic symposium in Wyoming.

“Add to this mix a jump in inflation, in part the product of a global commodity boom, and the result has been one of the most challenging economic and policy environments in memory,” the Fed chairman stated.

However, Bernanke expressed optimism that inflation would moderate toward the end of the year and in 2009.

“Nevertheless, the inflation outlook remains highly uncertain, not least because of the difficulty of predicting the future course of commodity prices, and we will continue to monitor inflation and inflation expectations closely,” he stated.

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Filed under Ben Bernanke, economy, fiscal crisis, The Hill