Late last week, Citigroup agreed with top Democrats in the Senate to move forward with a measure that would allow judges to set new repayment terms for potentially millions of mortgage holders who wind up in bankruptcy court. Of course, Senator Dodd, the Connecticut Coxcomb and Senator Chuck "Where is the Microphone" Schumer supported the proposed mortgage "cramdowns", where bankruptcy judges force lenders to modify mortgages (meaning principle reductions).

Senator "Bail Out" Durbin from Michigan was quoted after the agreement: " I want to congratulate Citi for being open-minded about this".

Before we get too giddy about Citi's altruistic motives, Mr. Durbin, this is a bank which has already received two government bailouts totaling $52 billion. CIti also benefits from a loss sharing agreement with the feds that caps losses on $306 billion of loans and securities. 

In spite of all this help, Citi's stock share price has been CRAMMED DOWN to a near penny stock level. It dropped more than 17% today to a paltry $5.60 per share. Let's face it, the CIti that never sleeps was tossing the naive, liberal Beltway Blowhards a mortgage bone to chew on. After all, it is good business to be nice to the liberals before Citi comes back to the feds for tens of billion of dollars more from the TARP fund.

The economy is in the shredder primarily because of these HUGE banks reckless practices. Every 15 or 20 years we go through some horrendous recession because of big mistakes made by the morons running these huge banks. It is time to realize these people are just not that bright, but they pay themselves very well while destroying shareholder value and the economy.  You'd think they'd be content screwing the depositors with paltry interest rates of 1% to 2%, while lending it out at 4 to 10 times those rates while annoying the crap out of us with all those great fees.

It is time to consider breaking up these huge banks into smaller entities. Standard Oil was broken up 98 years ago because of its oil monopoly. Let's celebrate this event by breaking up the big banks by 2011 so we don't have to go through this financial meltdown again.  There is safety in smaller banks and there are plenty of  unemployed stupid bankers, like ex-CEO G. Kennedy Thompson of Wachovia, to run these future smaller entities into the ground.  Then the feds can pick and choose which ones to save because there will no longer be any banks "TOO BIG TO FAIL"!