What a strange world we live in.

SnappingTurtle

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Citibank looses 2.5 Billion Dollars & "Wall Street" cheers their numbers. :eek:

China gets slammed for only 15% economic growth over last year. :eek:

One major Bank & Finance company after the other is being investigated for criminal activities, and yet overseas their employees/representatives all seem to be best friends & golf buddies with the U.S. State Departments employees, yet normal people (U.S. Citizens) are treated as suspected terrorist.

Have people lost all touch with reality.

What a bunch of crazy nuts we have running the world! :mad:

Will I get banned for saying this? Is this politically incorrect? :confused:
 
Joined
Jun 24, 2008
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Re: What a strange world we live in.

I worked for Smith Barney, since they merge with Citi they treated everyone like crap. Go figure!
 

SnappingTurtle

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Re: What a strange world we live in.

Please don't take my comments as a “Tar and Feather” of all in this industry. I have a lot of friends here working in this sector, and they also are shaking the heads.

If it makes you feel any better Citigroup had to sell their German retail unit to the French bank Credit Mutuel 4.9 billion euros in cash. They were founded in the 19th century to help poor farmers and craftsmen. The Citibank name will continue to be used by this new owner, so their goes generations of branding and marketing out the window.

Citigroup now say there were also $7 billion in write-downs in its investment bank and another $7.2 billion in credit costs in the second quarter, and their stock still goes up 8%.

More bad news, there go 16,000 jobs. I hope yours is not one of them!

I have had friends here who got so scared of the banks after loosing their jobs, they left the country in fear of knowing to much. :eek:

Merrill Lynch reported a $4.65 billion loss during its second quarter yesterday.

These are the same people that want me to take their finance advice!
 

SnappingTurtle

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Re: What a strange world we live in.

Now the German finance news channels are all raving about the positive news released from Citigroup about the announcement of the resulting cut of 16,000 jobs caused by their continued losses.

Guess what? The stock is climbing again here!

They are also bashing China because of the miserable (positive, but not good enough) growth numbers, while Germany itself can look back on 17 years of economic stagnation. Their own stagnated economy is being sold as a positive development.

Yes sir, everthing is on track just as planned.
 

Bob_VT

Moderator & Unofficial iBoats Historian
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Re: What a strange world we live in.

None of this should come as a surprise..... this is business as usual..... we are all just becoming more aware.
 

SnappingTurtle

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Re: What a strange world we live in.

None of this should come as a surprise..... this is business as usual..... we are all just becoming more aware.

Your right it is not a surprise, but it is still disturbing.

There is another thread here about nostalgia.

I guess I am just a little nostalgic for the days when you not only knew your banker and his family by first name, it was also locally owned & had an interest in the community it served.
 

Limited-Time

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Re: What a strange world we live in.

I guess I am just a little nostalgic for the days when you not only knew your banker and his family by first name, it was also locally owned & had an interest in the community it served.

They are still around if you look for them. The only issue with them is in terms of competitiveness. Better loan interest rates,and services (on line banking for instance) can generally be had with larger institutions. Mortgage rates for example, our local saving and loan is 1/2 to 3/4 percent higher than can be found elsewhere.
 

JB

Honorary Moderator Emeritus
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Mar 25, 2001
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45,907
Re: What a strange world we live in.

Get real, Turtle. You are only telling part of the story. . .the part that supports your point of view, and you are inventing the rest.

Citibank did a whole lot better than expected. The people who bet on them won.

China did worse than expected. Some people lost.

As for overseas employees being friendly with other overseas employees, so what? You are digging like a gossipmonger.

It does seem that some lending institutions may have engaged in shady or even illegal practices. Let's not pass sentence before anyone is even indicted.
 

triumphrick

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Jun 26, 2008
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Re: What a strange world we live in.

Reading this thread is like sitting down and watching CNN at night. Not that I want to stick my head in the sand, but a constant steady diet of this carp is not very uplifting. Thank God for the Discovery, Science and Golf channels.
I will exercise my right to tune out when need be. Seeee ya.
 

SnappingTurtle

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Re: What a strange world we live in.

As for overseas employees being friendly with other overseas employees, so what? You are digging like a gossipmonger.

It does seem that some lending institutions may have engaged in shady or even illegal practices. Let's not pass sentence before anyone is even indicted.

:D

They are being indicted and fined, and that is what is disturbing & satisfying at the same time.

Another Social/Business butterfly was convicted today for money laundering, and tax evasion here. He is quite popular on the government garden party invitation list, and very well connected to the extended U.S. family here.

He will pay his small fines, and will never miss a tee off.

That the upper level government employees are so cozy with the banking lobbyist on the one side, and on the other side, the lower level government employees are afraid to accept so much as a paper clip as a gift from them, out of fear of being accused of taking bribes in return for favors, is what I find disturbing.

For you it maybe business as normal, I still believe that the laws apply to all.

What is good for the goose, is good for the gander.

Call me a "gossipmonger" if you like, I don't mind.
 

SnappingTurtle

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Re: What a strange world we live in.

Reading this thread is like sitting down and watching CNN at night. Not that I want to stick my head in the sand, but a constant steady diet of this carp is not very uplifting. Thank God for the Discovery, Science and Golf channels.
I will exercise my right to tune out when need be. Seeee ya.

Your right triumph. Sorry for posting this.

I, like you don't need to be reminded of reality at every turn. I like iboats forum, because I like boats. It is a way to forget the "banking world" I live in.

They don't call "Frankfurt am Main", "Mainhatten" for no reason.

P.S. Is it ok if I subsitute "National Geographic" for the "Golf Channel".

I like wacking the balls, I just don't like watching other people do it. :D
 

Hoss the Hermit

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Aug 7, 2007
Messages
454
Re: What a strange world we live in.

Your right triumph. Sorry for posting this.

I, like you don't need to be reminded of reality at every turn. I like iboats forum, because I like boats. It is a way to forget the "banking world" I live in.

They don't call "Frankfurt am Main", "Mainhatten" for no reason.

P.S. Is it ok if I subsitute "National Geographic" for the "Golf Channel".

I like wacking the balls, I just don't like watching other people do it. :D

I just don't like it when they're MY balls
 

triumphrick

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Re: What a strange world we live in.

Late reply to earlier post..for Snappin Turtle...this "Chat" forum suits everything and didn't mean to be negative earlier. Just came on board after viewing the morning news :eek: and.....I hope you get the picture. Thanks for the electric boat posts, all good.

As for the Natl Geo channel, one of the best. Home of Cesar Milan (Dog Whisperer). Tonight at 7:00 is a shark special featuring a 100 mile stretch of the California coast that has the most great white shark attacks anywhere.

As far as that Golf ch. I'm always lookin for help......gonna break 90 one of these days. As my bumper sticker says "It takes a lot of balls to golf like I do" :p
 

PW2

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2,719
Re: What a strange world we live in.

It's always been a strange world. not sure it is any stranger now.

Before moving to Michigan, I applied for several mill manager jobs. Didn't get any of them. Was told it was due to lack of experience. In each and every case, the job went to a guy who guided the last mill he was at into bankruptcy. Sure enough, the new managers guided, in each case, their new mill into bankruptcy. So much for experience.

I'd like to think I could have done better, but who knows.
 

SnappingTurtle

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Re: What a strange world we live in.

Late reply to earlier post..for Snappin Turtle...this "Chat" forum suits everything and didn't mean to be negative earlier. Just came on board after viewing the morning news :eek: and.....I hope you get the picture. Thanks for the electric boat posts, all good.

As for the Natl Geo channel, one of the best. Home of Cesar Milan (Dog Whisperer). Tonight at 7:00 is a shark special featuring a 100 mile stretch of the California coast that has the most great white shark attacks anywhere.

As far as that Golf ch. I'm always lookin for help......gonna break 90 one of these days. As my bumper sticker says "It takes a lot of balls to golf like I do" :p

I understand, no explanation necessary. ;)

My dad tells everyone his TV only has two channels, he erased all the channels he didn't like, one after the other, and now the only ones left are the “Weather Channel” & the local “Live Lake Cam”.

As far as Golf goes, I have a friend that says I don't play golf, I play “Wack-A-Mole”. :D

My balls are always heading towards magic “Mole Holes” that nobody but me can see. :eek:
 

SnappingTurtle

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Re: What a strange world we live in.

I'd like to think I could have done better, but who knows.

I am sure you could have, but unfortunately I am not in a position to put you at the helm of one of these ships.

I wonder how many times these people would entrust their ships to a Capitan who continued to run one vessel after the other aground. :confused:
 

SnappingTurtle

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Re: What a strange world we live in.

I live & work in a world where the laws that you and I are required to live by don't exist for the privileged few. Laws against corruption at the highest level don't exist as we know them in the States.

If these companies were not listed on the stock exchanges in America, they would have absolutely no fear of retribution for the criminal activities they commit with their customers & shareholders money. Their employees, you and me, are little more than pawns.

The fact that they do this is no surprise, as was mentioned earlier, that our government officials are so closely connected to these people is also not new, but yet it is what disturbs me most.

People around the world hold Americans to a higher standard than they do themselves. Our system was for decades a goal for them to strive for, a role model so to speak. Slowly our system as seen by them, is becoming the cause of the problem, not a solution. They are increasingly looking to China and Russia for new examples as to how to successfully run a country.

For me, sad and scary at the same time.

Why do I care, because as a member of the American Expat community overseas I am continually approached/confronted with this seemingly double standard we live by in the States. How can we on the one hand, expect them to believe we have the better system. We court the criminals at the very top of the system, while on the other hand ignoring the plight of the working middle and lowers class.

In Germany 2% of the criminals account for 70% of the monetary damage to society.

These aren't those that we all fear, those shown nightly in the news invading our houses. They are those invading our bank accounts and work places. They are those running the worlds largest institutions, and those connected closest to our government officials.

It is “white collar” crime they commit, and these criminals wear suites & ties, and for the most part are well respected in the communities where they live. They have next to no fear of being convicted because of their connections, and in the few cases that make it to court, if they are convicted, the punishment handed down are so light, that it amounts to little more than a slap on the wrist.

The profits earned from these crimes is so great, that even if they are prosecuted, their lives will change little after the fact. Often they will receive new positions paying more than those they had before. Just good businessmen and women treated unfairly by those they paid to look the other way.

I am continually amazed by how many of those that are negatively affected by these peoples actions, will defend them. Those that are also involved at the top level just laugh and say they were dumb & got caught. No defense is heard from them.

Ignorance of the crimes at the top is bliss. Is speaking openly about a corrupt system, gossip mongering? Depends on what side of the situation you stand.

Does this post belong on a boat forum? Absolutely not!

I am involved in another forum for this purpose.

I apologizes for putting it here in the first place. Won't happen again.

If a Moderator could be so kind and close the thread, perhaps we could all go back to the pleasures and frustrations of finding new ways to fill that hole in the water we call boating.

Cheers & happy boating from a still grey and rainy Germany. :D
 

f_inscreenname

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Joined
Aug 23, 2001
Messages
2,591
Re: What a strange world we live in.

All can say is, ?I?ve seen this before? . How soon we forget the ?Dot Com Bomb? and all it?s lessons.
And on a side note for my fellow iboat friends. Watch your bank very closely. If you have more then a 100 grand in any one, move it to another for FDIC reasons no matter how good they look now (remember Indy Bank). From a few insiders I know, ?the strong banks are looking to buy up the weak but are more then willing to let them fail first before picking them up at a Bear Sterns fire sale and it?s a big, big time buyers market. There are so many are on the edge right now and all it will take is a down market for a few more months and watch?em fall.?
Take the hurt for people out of it and the saddest part for me is I finally have some good inside info and cant even make a play on it. Even if I knew bank ?A? is going to buy bank ?B? what options is there? Buy bank ?B? before they let it fail (if they do let it fail or step in the last minute) and you lose big time from the inflated stock price before the bad news. Buy stock in bank ?B? after they announce they are in trouble and hope to god Bank ?A? still sees enough value in it and follows through and buys it. Then there is buy bank ?A?s? stock and hope they make good purchases and get a lot for the buck making the bank worth more driving up your stock. But when you buy a bank you are never really sure what you get until it has been completely absorbed. How many of us bought something that looked like a great deal at the time just to find out later it was not and had to put more into it then first thought. Anyone who has ever bought a old boat should relate to that. It?s the same with banks. You never know what?s under the floorboards until you take it apart.
 
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