Citigroup Inc. stunned Wall Street Tuesday by reporting that it had suffered a $10 billion quarterly loss - the worst ever in its storied history.In the new America under George W. Bush those at the top, that destroy the companies, are rewarded with millions while those at the bottom lose their jobs.
The financial giant also announced a writedown of $18.1 billion related to soured mortgage investments and major cost-cutting initiatives that included a 41 percent cut to its dividend and plans to reduce in its payroll. At the same time, it said it was receiving a $12.5 billion infusion from investors in Kuwait, Singapore and the state of New Jersey.
The dividend being slashed will hurt many retirees who depend on dividends to make ends meet. When will America wake up and realize that our system is rigged and finally do something to change this? Do we need a full scale depression and people in the streets to finally snap us out of our false sense of security? Unfortunately I think we may have passed the point of no return and the America of our parents is just a distant memory. What is left in its place is a society where you are rewarded for stupidity and greed and punished for being open and honest. Do you still think we are the envy of the world or on our way to becoming the worlds viper?