Monday, February 23, 2009

The Curious Case of American Words & Terms

Just last week, I heard that the Obama Administration shouting loud and clear that there will NOT be any nationalisation of any American bank.

Today is Monday, and I read that the U.S. government could end up owning as much as 40 percent of Citigroup. This might be of some relief to investors, but I have to ask, “How is owning 40% of a bank NOT nationalization of the bank?”

I know America hate the term but surely if you own 40% of a bank, that means the bank has been nationalized already. I mean that’s like calling mercenaries “private contractors”. Wait this is America I am talking about, forget I said anything.

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