about this blog
- Cheryl Casone joined FOX Business Network (FBN) in September 2007 as an anchor. Prior to FBN, Casone served as a correspondent for FOX News Channel’s (FNC) business unit and was a regular guest on FNC’s Your World with Neil Cavuto. Casone brings years of experience covering finance, business, and consumer news to FBN.
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BH
Based on the lack of comments I don't know if you are stating the obvious and no one is in disagreement, but I have to tell you that you are the only one I have seen state what I was thinking. Thanks!
David Hirschhorn
Citigroup is booking a profit because they are carrying all the underwater mortgages at full face value, even though there is little chance of them collecting that much. If they carry the mortgages and don't foreclose on any, they make enough for the few that aren't current. As payments decrease, because homeowners walk away from a mortgage that the balance is much more than the market value of the house, they will start to loose money. Add the fees and penalties on a few that owners try to stave off foreclosure, and it adds up to a profit. Let's see how long it lasts.
StacyB
If they are making a profit tell them to give us our tax payer money back!!!!!!! All those banks. Give us the money back!
JohnC
No big surprise to me either. Shows how stupid most out here really are.
Guy
If President Obama gets his way the next boom, and bust, will come from carbon credit trading. It's a scheme worthy of the Bernie Madoff lifetime achievement award. The government creates impossible regulatory standards with exoribitant financial penalties. Then it issues credits, which can be traded as a commodity, to "help" businesses achieve compliance. Since the government monopolizes control over both regulations and the supply of credits, it can extort an unlimited amount of money from every business in the U.S. by adjusting one or both variables. Imagine having to pay cash for your personal income tax deductions. Traders, who get paid for facilitating a transaction, make big bucks. Some elite investors, like former Vice President Al Gore, will too. This is a boom for the wealthy and politically connected and bust for everyone else. These credits are not productive assets. They do nothing to help a business generate higher sales of its products and services. It's a huge tax and another redistribution of wealth from the private to the public sector. Companies may elect to move jobs to countries which are exempt from emission requirements, such as India and China, and fold U.S. operations entirely. That means more lost jobs, especially in manufacturing.
carlaven
Good Lady : You are so correct in your CITI etc statements . I find though that people of our mindset --yours included --are preaching to the choir. Never have I found so many saying that they do not like the direction our nations capitalistic system is heading but stoutly affirm that we have "now" the proper leadership to irradicate this plight .The very ones who helped to create this chaos will be leading us to the promised land ! Kindest Regards : Carl M Aven
MAX
I feel ashamed that Citibank is still here. If we had simply let them go under, our children would have saved all these mega-billions. There are enough smaller banks that behaved responsibly and intellegently so as not to need bailouts. They could pick up the slack from a failed Citibank, and should be rewarded for their intelligence by being allowed to do so.