What We’re Bailing Out: Citigroup Buys Spanish Highway Operator
Fresh off a big, fat federal bailout and while they’re busy lobbying Congress to rewrite bankruptcy laws so that they can get extra special treatment from bankruptcy judges Citigroup has been busy buying up companies over in Europe.
Your tax dollars hard at work.
MADRID, Spain—Spanish construction company Sacyr Vallehermoso said Monday it has agreed to sell its highway-operating unit, Itinere, to Citigroup in a deal valued at nearly 7.9 billion euros ($10 billion).
The sale involves 2.87 billion euros in cash and 5 billion euros in assumed debt, the company said.
Sacyr Vallehermoso has been hard hit by the collapse of Spain’s real estate bubble and is eager to ease its debt load.
Meanwhile, employees and business owners struggle with a slowing economy as the government keeps taxes high to fund bailouts that funnel money to corporate giants like…Citigroup.
Fair? Not even a little bit.
