Citi to Help Unemployed Youth? Oh, the Irony!

http://smirkingchimp.com/thread/richard-eskow/55307/citi-to-help-unemployed-youth-oh-the-irony

Citi to Help Unemployed Youth? Oh, the Irony!
Banks | Jobs
by Richard Eskow | April 11, 2014 - 9:52am

Here's a story that resonates with so many layers of bitter irony that it's hard to know where to begin. So we'll start with the headline: "Citi Foundation to Help Teens Find 'Pathways to Progress.'"

Two other recent stories at a certain piquancy to this noble-sounding venture. One involved a settlement in which Citi agreed to pay more than $1 billion for charges that it defrauded investors in its mortgage-backed securities. In the other, Citi was the only one of 25 banks to fail a "stress test" for sound fiscal planning and capital management. (The test has been criticized by independent observers -- for being too easy.)

Incompetent and morally compromised: who better to help our young people build their future careers?

The "Citi" in question is, of course, Citigroup. That's the too big to fail enterprise which was created after Democrats and Republicans agreed to deregulate the banking industry, and after Clinton administration officials like Robert Rubin paved the way for its formation via merger. Citigroup has been grossly mismanaged, and has paid massive sums for other charges of fraud, under the leadership of (among others) the very same Robert Rubin.