Iraq takes banking advice from Citibank.
Iraq takes banking advice from Citibank.
The Washington Independent’s Spencer Ackerman notes that at a press conference in Baghdad on Sunday, U.S. Embassy spokesman Adam Ereli boasted that the Iraqi banking sector is taking advice from Citibank:
Beyond education and culture, in the field of economy and services, it’s worth noting that representatives of U.S. banks, JP Morgan and Citibank and others came to Baghdad on January 28th, participated in an international banking conference that explored correspondent banking relations that would deepen commercial ties between Iraq and the international community, business community. Citibank has already established correspondent relationship services agreement with Iraq’s Warka Bank that allows clients of both banks to execute cash payments, wire transfers and trade transactions to both corporate and retail entities in all Iraq’s cities and provinces.
Citigroup, Inc. recently received its third bailout of U.S. taxpayer money. Ackerman writes, “Yes, clearly Citibank is just the right institution to help the Iraqi banking sector become mature and responsible corporate citizens. I hear Warka Bank is too big to fail.”
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Dick Cheney smiles….
March 10th, 2009 at 8:47 pmWhile petting his little kitten named George
March 10th, 2009 at 8:51 pmIf Iraq is stupid enough to take advice from any financial institution in this country, they are truly doomed.
March 10th, 2009 at 8:52 pmThat good news for Iraq as they do have 80 billion in surplus and a strong Stock Market right now. Look for Goldman Sachs to try and get involved as they love to steal. Notice no word on Hank Paulson giving advice as he was seen for the idiot he is as US Treasury Secretary. Most Americans think Citibank is an American Bank, but a large shares of Stocks are owned by the Middle East and the Saudi’s. Now as for Cheney smiling well he just might be crying soon and get back stabbed now he is the little fish and the big fish are looking to take what he has. Alot of pwoerful rich Americans will see they are now worthless and others will take over.
March 10th, 2009 at 8:54 pmApparently spreading freedom and democracy includes learning how to trade derivatives and leverage the crap out of low income housing in suburban Baghdad.
http://www.pufferfishblog.com/
March 10th, 2009 at 8:54 pmI disagree, Iraqi government is just trying to learn how to hundreds of billions from the US treasury without an ounce of bloodshed or oversight.
March 10th, 2009 at 8:57 pmThis is a joke, a REALLY bad joke.
March 10th, 2009 at 9:03 pmRight?
Dick Cheney and his oily friends invaded Iraq to gain control of the oil fields. The logical next step is to gain control of the banks where the Iraqi’s keep their money from selling the oil.
Duhhhh……….
March 10th, 2009 at 9:09 pm“I hear Warka Bank is too big to fail.”
– - Oh, “Warka” must be Iraqi for “A.I.G.”
March 10th, 2009 at 9:16 pmDon’t the Saudi Royals own Citibank/Citigroup? The Bush Regime loves the Saudi royals and this is why Citibank/group got tons of bailout money. I’m sure their ‘huge profits’ they reported today is just a scam to get investors to buy their stock, so they can sell it off and bankrupt itself a few days later. Spit.
Hell, this is what Jim Kramer has done on CNBC for years now:
http://www.dailykos.com/story/2009/3/5/16720/74815/703/705113
March 10th, 2009 at 9:16 pmThe other day, a poster suggested a contest of snarkiness.
This is the contest. Right ?
March 10th, 2009 at 9:17 pmMaybe Iraq could use the stimulus money a certain few southern governors don’t want…
oh, wait…..
never mind….
March 10th, 2009 at 9:21 pmGive ‘em a break… the Bush administration put a pimply-faced twenty-six-year-old in charge of restarting the Iraqi stock exchange. They can’t be all that sophisticated even by this time.
March 10th, 2009 at 9:22 pmLibs, 95% of Iraqis are current on their mortg– mortuaries.
March 10th, 2009 at 9:23 pmThis is the contest. Right ?
— I hope not as I am woefully outleagued.
March 10th, 2009 at 9:26 pmwryness is next to snarkiness…
March 10th, 2009 at 9:27 pmMaplestreet@12,
March 10th, 2009 at 9:46 pmThat was not very snarky ;-(
;-) JJ
March 10th, 2009 at 9:47 pmHaving drained one dry, Citi moves on to its next easy mark.
March 10th, 2009 at 10:04 pmLooks like Iraq had a nifty little plan with the citibank crooks way before chimpy official left office.
WTF?
citibank is rotten.
We need to review all expenditures from all these greedy sneaky companies/businesses. Starting with the first frenzy tarp…and fast. All-f9cking-so us our damn money back.
It appears the greedy are ready to buy low/sell low to the highest bidder.
March 10th, 2009 at 10:11 pmThis is the Council on Foreign Relations objective, turning foreign economies into friendly places for U.S. branded multinationals.
Who asked Ben Bernanke a question at the CFR meeting this am? The Carlyle Group’s David Rubenstein, who coincidently announced their new $500 million fund targeting the Middle East and North Africa.
March 10th, 2009 at 10:21 pm“Targeting” is right. The Carlyle Group is the nexus of all this financial meltdown.
March 10th, 2009 at 10:30 pmFrankly, I don’t know enough about the “opportunity” to judge. But I know enough about bailed-out banks to know that if they plan to pursue any investments in Iraq, those investments will be “such high-risk investments” that separate subsidiaries should be formed that cannot claim that they are based in tax-free havens where secrets are the rule of law. They should be required to abide by US accounting standards and disclosure laws, and no funds of the US bailout be lent or used for any development activities. And, perhaps most important, NO US funds be used to secure any of their activities (loans, etc.) Strict independent accountants, subject to US criminal prosecution, should be required to oversee any and all transactions . . . money transfers, investments, I don’t know enough to identify all of the possibilities for wrongdoing . . . but am confident that it’s a minefield . . . make any and all parties post personal bonds and pre-approve US jurisdiction and the denial of bail in the event “reasonable evidence” of wrongdoing comes to light.
March 10th, 2009 at 10:48 pmAt any point, if a potential refuses to fully comply with a US subpoena, bond will be forfeited. No room for Rovian tactics. If you do banking business in Iraq, no matter if you are the Citi desk clerk, Citi must post a bond for you equal to the value of the deals it’s doing . . . if on the day you are scheduled to testify, you don’t show, Citi forfeits its entire bond, no questions asked, no right to appeal.
Citi and Co. are treacherous. Treat a viper like a viper.
March 10th, 2009 at 10:56 pmI was curious where that asshat had gone!! Ereli was this typical Repub-bot…bald, or almost, pumped up on something, devious eyes, incoherent double-speak…pimping for Dan Senor, I think, during Paul Bremer’s reign of error. Another reason Gates should be gone. Odierno looks like Ereli’s father, practically…what a bunch of inbred losers!!
March 10th, 2009 at 11:01 pmBailout money must not be used to fund high risk investments secured by US government funds. We pay twice.
My little proposal above may be flawed, but, the banks are going to try. Now is the time to cirumvent their plans.
Suggestions?
March 10th, 2009 at 11:08 pmOn that note, US Government Bonds for activies in Iraq, Iran or Afghanistan must only be allowed for companies based in the Unites States, subject to US tax laws.
If you aren’t based in the US, you get no bond to perform work in any of these countries. You do, you are subject to RICO, as will be any senator or House Rep who facilitated your actions. Lobbying firms must be umbrelled under the clients’ policies.
March 10th, 2009 at 11:17 pmObama and Geithner,
You have requested public suggestions, these are mine.
March 10th, 2009 at 11:19 pmI’m going to hurl! Jesus!
March 10th, 2009 at 11:20 pmThis country is divided into two separate parts: Those that are too big to fail and those that are too small to succeed. I guessing that Iraq Inc. is judged to be too big to fail. All us little people will foot the bill one way or the other.
March 10th, 2009 at 11:26 pmP.d.’S going to hurl. You hurl baby. Hurl. You may want to drink a little Pedeolite after . . .hurling totally screws up your electrolite balance.
jp,
Yes, break these companies up. No company should be too big to fail. If the peices were failing, we wouldn’t need to infuse the entire company with taxpayer dollers. Just let the failing parts separate, not go to tax havens, and let the government temporarily take over the rest.
It’s not a novel idea. Been done before, successfully.
March 11th, 2009 at 12:12 amHurling P.D., in addition to electrolites, you need to consider the condition of your teeth. Puking shoots bile right into your mouth, before you know it, your teeth have no enamel.
March 11th, 2009 at 12:14 amHurl P.D.,
I’m no bible beater, but just thinking, you know just in case, probably spewing “jesus” in the middle of a hurl, might not be your best past to 27 virgins.
March 11th, 2009 at 12:19 amTARP 1, 350 Billion.
March 11th, 2009 at 4:22 amBush’s final give-away to his rich buddies.
the Iraqi banking sector is taking advice from Citibank:
And Citi is telling them how good an investment a certain Iraqi amusement park is. What ever happened to Disneyland in the Desert, anyway? Haven’t heard anything about it for almost a year.
March 11th, 2009 at 6:22 amI have made a scholarly video clip on this very subject.
March 11th, 2009 at 6:59 amRosemary Watson shows us what the Iraqis will have to deal with concerning Citibank:
http://www.youtube.com/watch?v=Y4f-FCm_EGk
March 11th, 2009 at 7:35 amOh gawd! Now we will have to bail out the Iraqi banks.
March 11th, 2009 at 11:56 amOMG! This can’t be good for the Iraqis or Americans. Looks like another bailout on the horizon. I smell something stank about this whole deal – especially with Saudis having any involvement with Citigroup!
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