Citigroup, layoffs and credit card rates raising.

moneysense · #1 11-14-2008, 06:56 PM

According to the Wall Street Journal, Citigroup is planning on cutting 10,000 jobs within the next few days, with some of them being highly paid bankers and traders.

Citigroup is also planning a three percentage points raise on interest on credit cards. Citigroup has 54 million credit card accounts and has taken a $902 million dollar loss in that area in the 3rd quarter.

So besides layoffs, it looks like we the people get to pay more to get the business back on track, which I thought that was what the $700B bailout was for.

pennypinch · #2 11-15-2008, 03:36 AM

Wasn't the BIG bailout supposed to prevent these kinds of things from continuing to happen? Where are the benefits of us going billions of dollars further in debt?

dimetime · #3 11-15-2008, 07:25 AM

It looks to me like this big Bailout, was just for companies to use to continue living the life of luxury, while the people pay out of pocket to get these companies back on track where they are supposed to be. Stuff like this is what is going to just keep us in an economy which is spiraling out of control.