Posted by on October 11, 2016 4:00 am
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Categories: US News

President Obama Walking in Cross Hall at the White House. (Official White House Photo by Pete Souza.)

President Obama Walking in Cross Hall at the White House. (Official White House Photo by Pete Souza.)

The Presidential election of 2008 was held on November 4, with Barack Obama winning on a promise of delivering “hope” and “change” to a nation in the midst of the worst financial crisis since the Great Depression. At that time, Citigroup was a financial basket-case. It had already received $25 billion from the government’s bailout program known as the Troubled Asset Relief Program (TARP) in October; it was secretly receiving hundreds of billions of dollars more each month in below-market rate, revolving loans from the Federal Reserve — information which the Fed refused to make public despite multiple Freedom of Information Act requests from the media; and Citigroup was just 19 days from more hemorrhaging, requiring an additional government infusion of $20 billion and asset guarantees of more than $300 billion. Citigroup’s stock was at $13.99, a decline of 63 percent in just 12 months and it was on its way to eventually trade as a penny stock, at 99 cents.

Citigroup had been serially charged by its regulators for abusing its customers and targeting the poor and financially uneducated. But key executives at the bank had played major roles in raising funds for the Barack Obama campaign so it was richly rewarded for that.

According to emails released by WikiLeaks yesterday, which came from a hack of the email account of John Podesta, a co-chair of Obama’s 2008 Transition Team,  we learn that despite the obvious fact that Citigroup was both corrupt and derelict in handling its own financial affairs, Barack Obama gave executives of that bank an outsized role in shaping and staffing his first term.

In an email dated Saturday, October 18, 2008, Michael Froman, using his official Citigroup email address off romanm@citi.com, sent the following email to Obama’s advisors:

“Review Teams

“Attached is the latest version of the Agency Review teams. It is a closely held document, so please treat it with the same sensitivity as ours. If you all could take a quick look at the lists for the agencies in your area, that would be helpful. I think the hope is that, while there are no guarantees, some of the people on these lists might make their way into the agencies ultimately. Our role, therefore, is to check whether there is much overlap between the names here and the names were seeing/generating for sub-cabinet positions in each agency. There doesn’t need to be total overlap, but if there is a total disconnect, it would probably be better to rectify that now vs. later.

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The article, "WikiLeaks Bombshell: Emails Show Citigroup Had Major Role in Shaping and Staffing Obama’s First Term", was syndicated from and first appeared at: http://feedproxy.google.com/~r/blacklistednews/hKxa/~3/OnRA_bRAakM/M.html.

You may find more great articles by Guest Post on http://www.blacklistednews.com/.

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