Citigroup CEO says bank doesn't need more government funding

WASHINGTON (Reuters) - Citigroup Inc Chairman Richard Parsons said on Thursday that the bank does not need any more capital injections from the government and expressed confidence that Citi would remain in private hands.

Asked in an interview with Reuters whether Citigroup needed additional government capital injections, Parsons said: "No, I think actually, particularly with the latest conversion... Citi is actually one of the better capitalized banks in the world."

Parsons was speaking on the sidelines of a Business Roundtable event where President Barack Obama addressed business executives.

The Citigroup leader also brushed aside any prospect of the U.S. government nationalizing the bank.

"I don't think the administration is heading in that direction," Parsons said. "But I have a lot of confidence in the future viability and strength of a privately held Citi."

The Obama administration and regulators including Federal Reserve Chairman Ben Bernanke have said they do not want the government to take full control of the nation's banks.

Citi's shares on Thursday closed 13 cents higher, or 8.4 percent, to $1.67 on the New York Stock Exchange. For the first time, Citi shares fell below $1 on March 5.

The U.S. government said last month it would boost its equity stake in Citigroup to as much as 36 percent through the conversion of up to $25 billion in preferred shares to common stock.

In total, Citi has received $45 billion of taxpayer-funded capital since October. This marked the third attempt by the U.S. authorities to prop up Citigroup in the past five months.

Citigroup is among many financial institutions that have received government bailout money to shore up their capital in a U.S. economy stuck in a recession during the credit crisis.

Earlier this week Citi said it was profitable in the first two months of 2009 and is confident about its capital strength, easing concerns about the bank's survival prospects.

As a precautionary measure U.S. regulators recently began work on a contingency plan to stabilize Citigroup if problems mounted, but no imminent rescue was planned, a person familiar with the planning said on Tuesday. The person declined to be named due to the sensitivity of the discussions.

It should come as no surprise that a newsworthy story receives more media coverage when released on a Monday than a Friday. The reason is in part due to a large number of news-consuming Americans checking out for the week to focus on their weekend plans rather than the news.

On Monday's radio program, Glenn Beck shared information that President Joe Biden decided to release on Friday — when fewer people would notice — regarding the Climate Finance report. This report is marketed to Americans as "A Roadmap To Build a Climate-Resilient Economy." But Glenn believes the report to be Biden's Great Reset warning shot to banks.

In this clip, Glenn warned that if Americans don't stand together, in eight years we all indeed will own nothing. Watch the clip for the full story. Can't watch? Download the podcast here.



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On today's radio program, Glenn Beck was joined by Bill O'Reilly to discuss the top stories of the week.

For O'Reilly, the biggest story this week centered around someone mysteriously missing from mainstream media news reports today: Mark Zuckerberg. Specifically, O'Reilly said it's the 'scandalous' way the Facebook CEO spent nearly $420 million to influence the 2020 election — and did so successfully.

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On Thursday's radio program, Grace Smith and her father, Andy, joined Glenn Beck on the phone and provided a first-hand account of Grace's refusal to wear a mask at school.

Smith, 16, began a maskless protest after her school district in Laramie, Wyoming, decided to implement a mask mandate. As a result, Grace received three suspensions, was issued two $500-citations, and was eventually arrested.

"How long were you in jail?" Glenn asked.

Grace said was taken to jail but was never booked nor was she was placed in a jail cell.

Glenn commended Grace's father, Andy, for raising such a "great citizen" and asked if it was Grace's idea to protest. Andy said it was Grace's idea, explaining that they took the position of arguing on the grounds of civil rights rather than the efficacy of wearing a mask.

Grace has since withdrawn from public school and started a home school program. She also told Glenn that she will continue to fight the school district, legally.

You can donate to Grace's legal fund here.

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Disclaimer: The content of this clip does not provide medical advice. Please seek the advice of local health officials for any COVID-19 and/or COVID vaccine related questions & concerns.

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It seems the Left wants a civil war and some on the Right want a national divorce. The country is split right now unlike anything Glenn Beck has ever witnessed. There are two sides: Those who want to fundamentally change this country and those who believe in KEEPING the experiment of liberty that the Founding Founders intended.

The ideological gap seems impossible to cross, but Glenn explains why he won't secede. David Reaboi, Claremont Institute senior fellow and author of "National Divorce Is Expensive, but It's Worth Every Penny," tells Glenn why a national breakup is not an impossibility just because it will be difficult.

What can we do to fight back … peacefully? How can the states that still believe in the Constitution create pockets of freedom in the shadow of tyranny? On his Wednesday night special this week, Glenn answers that and provides a road map to preserving what the Left is trying to destroy.

Finally, James Simpson, author of "Who Was Karl Marx? The Men, the Motives and the Menace Behind Today's Rampaging American Left," provides solutions on the issues the "red states" must unite around before Left and Right America officially call it quits.

Watch the full episode of "Glenn TV" below:

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