Property Grunt

Tuesday, June 30, 2009

Time to make the money

Like clock work.

Remember my diatribe about Citigroup? One of the reasons why Citigroup has taken advantage of the TARP money for raising salaries is that they do not want to them to jump ship for other competitors or setup their own shops.

From what I have heard the finance industry is going into overdrive to raise funds because of 1/3 of their competitors have been wiped out. Therefore it presents a unique opportunity to gather capital. And the money is out there. There are very rich people out there who are up to their necks in liquidity and want to put it somewhere.

So it makes sense that Citigroup wants to make sure their employees do not ride off with that liquidity but they need all hands on deck to scarf up as much capital as possible. What makes this particularly more pressing is the next event in this depression.

So the finance industry has to run and gun.