Citi Sleaze with Bail-Out, of Junkets and Spanish Highways, PNC and Ocwen Need Hearings
Byline: Matthew R. Lee of Inner City Press on Wall Street: News Analysis
NEW YORK, December 2 -- How has Citigroup used its fresh billions in government bail-out funds? On November 30, it was exposed as sponsoring a Congressional junket to the Caribbean. On December 1, it announced it is spending over seven billion Euros to buy the highway business of Spanish construction firm Sacyr Vallehermoso.
Meanwhile, Robert Rubin who pulled in over $100 million from Citigroup began a counter-offensive, saying none of the collapse was his fault. He had no operational responsibilities, he said. Call him the Stephon Marbury of high finance, motoring down a Spanish highway without a care in the world. More seriously, the public record shows Rubin's role in Citigroup's deal with the predatory lender Ameriquest. Still he keeps on trucking.
Meanwhile the subprime bottom-feeder Ocwen is trying to line up for the Troubled Asset Relief Program bail-out funds. Ocwen has applied to buy Kent County State Bank in Jayton, Texas. One should expect comments from consumer protection groups, who have seen the wreckage left by Ocwen's practices.