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Your bailout dollars at work!
From Andrew Sorkin, via Alex Tabarrok at Marginal Revolution, on the problem of moral hazard, and bailouts encouraging more risky lending:
That had to be what Citigroup, with its firsthand expertise with bailouts, must have been thinking when it lent $8 billion to Dubai last year. Oh, and here’s an interesting fact: Citigroup made the loan to Dubai on Dec. 14, 2008. Take a look at the calendar — that’s after it received tens of billions in TARP funds. Citigroup’s chairman, Win Bischoff, said at the time, “This is in line with our commitment to the U.A.E. market in general, and reflects our positive outlook on Dubai in particular.” Good call.
Posted by Andrew on December 1, 2009 at 1:28pm Permalink

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