How Citigroup is like a Nigerian bank
MARK WILSON/Getty Images David Hale, an economist and chairman of Hale Advisors, had this to say about Citigroup’s recent sale of $7.5 billion worth of stock to Abu Dhabi’s sovereign wealth fund, which sold at an 11 percent yield: This is the kind of yield you’d expect from a bank in Nigeria or Kazakhstan. The ...
MARK WILSON/Getty Images
David Hale, an economist and chairman of Hale Advisors, had this to say about Citigroup's recent sale of $7.5 billion worth of stock to Abu Dhabi's sovereign wealth fund, which sold at an 11 percent yield:
This is the kind of yield you'd expect from a bank in Nigeria or Kazakhstan.
David Hale, an economist and chairman of Hale Advisors, had this to say about Citigroup’s recent sale of $7.5 billion worth of stock to Abu Dhabi’s sovereign wealth fund, which sold at an 11 percent yield:
This is the kind of yield you’d expect from a bank in Nigeria or Kazakhstan.
The acerbic comment was made at today’s New America Foundation’s event on the U.S. economy.
Hale followed that zinger with an anecdote about how Ben Bernanke’s phone records revealed that the Fed chairman had been on the phone with U.S. Treasury Secretary Hank Paulson dozens of times in August, when the Fed reversed its position and decided to lower interest rates in the face of a worsening credit crisis. As Hale put it, Bernanke called Paulson not only so that the secretary could explain what was going on, but because, as a former Goldman Sachs CEO, Paulson “helped cause it.”
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