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18 Billion

Discussion in 'General Industry Discussions' started by wooley99, Jan 15, 2008.

  1. wooley99

    wooley99 LawnSite Senior Member
    Messages: 269

    According to the news tonight CitiBank wrote off $18 BILLION from the home loan fiasco. It makes me feel much better about my business practices over the last year. I didn't loose anywhere near that much.
  2. DAR57

    DAR57 LawnSite Member
    from NW Ohio
    Messages: 212

    I believe they actually sold the debt to the Saudi's. They Chinese already turned it down because they felt they already had bought enough! GO AHEAD AMERICANS KEEP BORROWING! YOU ARE GIVING THIS COUNTRY AWAY WITHOUT ANY WAR. Thank you for letting me vent.............
  3. topsites

    topsites LawnSite Fanatic
    Messages: 21,653

    To me it's a far cry to forgive a base as a whole than when it's individual deadbeatery :laugh:
  4. Frontier-Lawn

    Frontier-Lawn LawnSite Silver Member
    Messages: 2,955

    and its all caused by the fed, an in the words of JIM CRAMMER....... THEY KNOW NOTHING!
  5. DAR57

    DAR57 LawnSite Member
    from NW Ohio
    Messages: 212

    Topsites I don't understand? I guess I should go back for some refresher courses in English
  6. DavidR

    DavidR LawnSite Member
    Messages: 180

    WOW...so your saying the lenders have no responsibility??? Maybe Crammer is really the one that knows nothing. Citi was the one that kept buying these risky products which kept the lenders selling the products. The fed certainly had nothing to do with the risk these banks were willing to accept. They also have nothing to do with the billions that Citi (along with many other banks) have been making over the past couple of years on these risky products.

    The article actually noted that Citi wrote down the value of $18 billion in assets. This is a bit different the saying they wrote off $18 billion...actually completely different.
  7. topsites

    topsites LawnSite Fanatic
    Messages: 21,653

    I would have an easier time forgiving a mistake that all to most of my customers made, especially if it came to not paying. That's not to say that I would be pleased if all of a sudden everyone up and decided to not pay, but if after reviewing the situation I found they all had the same event trigger in common then I could see it, fix that which is triggering the nonsense and chalk it up to experience, end of discussion.

    But when one decides they're just not going to pay, that I find far worse. I can't ever figure out why, other than some folks apparently survive by ripping off various companies, there's no fixing the problem from my end, just have to be careful but sooner or later another one comes around.

    Oh sure they all have their so-called reasons and what have you, but I'm saying there's no fixing what was not a problem.
    With a deadbeat they just don't pay, that angers me far worse.

    The issue with the mortgages wasn't entirely the consumer's fault, it wasn't just a bunch of deadbeats in that case.

    On another tangent we have here a big corporation that just wrote off 18bn...
    It ain't like some high executive or anyone else in particular just had to fork that out of their personal account, see?
    An owner-operated affair is a whole different story, so long someone owns the Co. it comes out of the owner's pocket.
    BIG difference there, too.
    Although sadly we all still pay for it in the end, big corporations don't just write off money like lalala...
    They'll just nickel and dime both employees and customers for the next 15-20 years until it's paid off.
    Free money it isn't either way, that I do understand.

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