Buddy, can you spare some billions for Prince al-Waleed bin Talal? 206

 This from Canada Free Press:

Citigroup has become the principal beneficiary of the $350 million that has been spent under the Troubled Asset Relief Program. The megabank, thus far, has received $45 billion from Uncle Sam – – $20 billion in November and $25 billion in October. And now the firm is crying out for an additional transfusion of billions more in order to become financially solvent.

Sure, it’s nice for Americans to help Americans and to take preventive measures against a full-scale depression.

But the $45 billion shelled out to Citigroup may do little to aid the plight of Main Street Americans.

The firm is not owned by U.S. bankers and businessmen but rather by the Abu Dhabi Investment Authority, a sovereign wealth consortium of oil-rich Middle Eastern countries, who gained control of the megabank in November 2007. Presently, the largest single shareholder is Prince al-Waleed bin Talal of Saudi Arabia.

Posted under Commentary by Jillian Becker on Wednesday, January 14, 2009

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