Roubini: Fully Nationalizing Citi and Bank of America Would Be Better

The sooner they nationalize them the better! Taxpayers have already wasted a trillion dollars on this failed plan. How much more are we going to take. Call or write your congressman and tell them enough is enough. Nationaliziing will protect the taxpayers and unfreeze the credit markets. Roubini for Treasury Secretary.

Roubini is an idiot who thinks he's a genius....

I think Roubini has a large investment AGAINST BAC and C surviving. I can't believe how often I see him on different TV channnels promoting nationalization. I wish someone would ask him of any personal gain regarding these matters, it seems he's way too active in his campaign against the banks....I suppose there's no way to verify his position even if he gave it to us.

roubini is right, nationalize citi and bofa, get the bad assets off their books and then sell it back to the private sector.

In S&L crisis, Selling continental bank's assets took about 7 years after nationalization. Anyone who thinks bank like Citi can be nationalized and sold off in less than a year is delusional. This usually happens if you have no real experience but idealistic thoughts which professors of doom and gloom can. Government has nationalized fannie, AIG etc. Let them turn a profit from them first and then we will see. Talk is cheap.. These congressmen can not even pass a budget and then pass budgets with huge deficits and I doubt if they can be trusted more than managements of these banks. Also, old management which made these risks is gone and hopefully, new managements will be able to turn BOA, Citi around. It will take a while and so patience is highly recommended.. Meanwhile, there should be some action put in place to claw back the huge bonuses older managements got for placing risky bets.

Roubini has close relationship with those hedge funds who are shorting Bank of America stock. So don't listen to him. Bank of America is a very strong and profitable company. The company has clearly told public that they do not need anymore money from the government. Also, as far as I know, many important people has suggested OBAMA and SEC to ban/stop short banks' stock and I believe SEC will ban all short stock activities until the economy become better. So you will see either Roubini and the hedge funds shorting bank of American stock will become bankarupt or they will be sued in the court!!!

In S&L crisis, Selling continental bank's assets took about 7 years after nationalization. Anyone who thinks bank like Citi can be nationalized and sold off in less than a year is delusional. This usually happens if you have no real experience but idealistic thoughts which professors of doom and gloom can. Government has nationalized fannie, AIG etc. Let them turn a profit from them first and then we will see. Talk is cheap.. These congressmen can not even pass a budget and then pass budgets with huge deficits and I doubt if they can be trusted more than managements of these banks. Also, old management which made these risks is gone and hopefully, new managements will be able to turn BOA, Citi around. It will take a while and so patience is highly recommended.. Meanwhile, there should be some action put in place to claw back the huge bonuses older managements got for placing risky bets.

No effect on dow? You must be kidding... This will destroy every bank stock as people will be terrified to invest in banking. Another joke is about private investor. Do you really think any private investor with any experience has appetite to take on anything as big as Citi or BOA? Maybe JP Morgan but then do you really want to create one extremely big to fail entity?

Our financial system is broken. To fix it we need to flush out the corrupt and incompetent. Nationalization protects tax payers and will allow America the time to change the rules and flush out the ones that caused this mess so that it doesn't happen again. Nationalization should not be used to maintain the status quo. And should only be used temporarily until we fix the system. There are those who want the current system with the same rules to survive because it's a vestige of their influence and power in the financial system. To change it would mean to loose control and money. I say let the corrupt and incompetent live by their decisions. The time has come to change who is in charge. In our system only the strong and ethical should survive. If we don't like nationalization then we should let the banks die by the sword they once wielded.

just glad I don't have any citi stock--My ass can't take much more of this!!

Everyone on this program seems to worried about how we get the banks back into a strong position without much concern for those holding stock now. If nationalization can bring the banks back then non-nationalization taking the same steps should be able to do it also. This would protect the equity of those invested.

There is a thin line between idiot and genious...Roubini has crossed the line!

Roubini is popular because he has been right on the economy and the banks and the stock market. He has been telling everyone for 2 years now. But still I am very concerned about his call for nationalization, as that would trigger derivative settlement, which would ruin everything and everybody. No business, no job, for all. No credit, nothing. Massive huge depression for many years. And there is no way our "beginner" president or Congress could or would fix anything properly. The derivative problem and its aftermath is too huge for nationalization of any important company (GM, AIG, BofA, etc). Note the devistating affect of letting Lehman go under, and what that did to the world due to the derivatives - and still all the affect is not over yet. But give Roubini his due, he has been right, and is one of the few that should be listened to. All the others (nearly) are fools and have been dead wrong. Treasury Dept head would be a good job for him.

jeff808066, Are you serious? When the SEC stopped the short selling of stocks last year, that was the slap in the face of people who correctly predicted the fall of these banks. Why should the "smart" people get punished for the dumb ones (banks) mistakes. Next if BAC is turning profits, why do they have their hands out for bailout money? Finally stopping the shorting of bank stocks won't hide the toxic garbage on their balance sheets. The banks are insolvent. Their stock value deserves to plummet.

jeff808066, Are you serious? When the SEC stopped the short selling of stocks last year, that was the slap in the face of people who correctly predicted the fall of these banks. Why should the "smart" people get punished for the dumb ones (banks) mistakes. Next if BAC is turning profits, why do they have their hands out for bailout money? Finally stopping the shorting of bank stocks won't hide the toxic garbage on their balance sheets. The banks are insolvent. Their stock value deserves to plummet.

When You paid the tax soon It is not your money. Waste or not does not matter. Nationalization will white out some body money.

All the bashers of this article are probably C and BAC shareholders. You should look things from a common taxpayer point of view. I agree with Roubini, there is no point of throwing more money without concrete results.

he has no idea about what he is talking about. he talked like gov can take over c and bac, clean them up in a short period of it... he is simply clueless about implementation details.. not practical at all. i think this guy is harming the market...

roubini is right. ask sweden and every country who's had a financial collapse of their banks. right now, we're giving trillions away to the cronies for free. why? to protect the bankers(cronies). the ignorance of some americans is appalling. not to mention, the collapse of american banks not only mean problems for the u.s. but for europe, japan, and pretty much aligned with the west. unless you want total devastation for the entire western civilization, don't nationalize and continue to give the elite fraternities and their cronies trillions more. seriously, americans have the be the dumbest, more narrow minded people in the industrialized world. i get sick just listening to some of you morons!

roubini is right. ask sweden and every country who's had a financial collapse of their banks. right now, we're giving trillions away to the cronies for free. why? to protect the bankers(cronies). the ignorance of some americans is appalling. not to mention, the collapse of american banks not only mean problems for the u.s. but for europe, japan, and pretty much aligned with the west. unless you want total devastation for the entire western civilization, don't nationalize and continue to give the elite fraternities and their cronies trillions more. seriously, americans have the be the dumbest, more narrow minded people in the industrialized world. i get sick just listening to some of you morons!