I have a vested interest in this company. I have received long term disablity and health benefits from them for the last 17 years. I truly can't say what would have become of me had they not provided in this manner and am forever grateful.
BUT, I worked my ass off there (more than once working 3 days straight and only leaving to shower at a hotel and buy fresh clothes). They have a long history of treating their rank and file employees like shit and were one of the first to make widespread use of temporary employees back in the '70's to whom they provided no benefits.
Prince and several current top executives just bought millions worth of shares last week when the price went below $9. And they announce 53,000 jobs to be cut today--these people are criminals and belong in prison.
lucky hussein
· 1 year ago
dang.. isn't that insider trading? let's pass a law: board members not allowed to buy and sell stock of the companies they manage! why not? details need be worked out obviously. if they don't like it, they can move to dubai..
devis1
· 1 year ago
That's what I was thinking--especially after they announced the charges against the Mavericks owner today.
lucky hussein
· 1 year ago
what a f-ing PIG! can you even imagine? you're worth 2.1 billion and you're trying to scam here and there for 1 million. WTF is he even doing buying and selliing stocks? Selfish f-ing pottersville a-hole with nothing better to do. Let's take him down with Eisenhower-era tax rates (90% for people earning 3.5 mill a year - in today's dollars)
"if you only knew, how a man who has a lot can't wait to get more...' Van the man Morrison - 'If you only knew'
tbhull
· 1 year ago
This allows the shareholders to recover the saved salaries of each and every nobody fired, all while these same fired folks and other taxpayers pay for the salaries of the bloated fucks at the top of this failed pile of shit that swallowed a load of the government cheese that is the bailout.
Please all of you suckers and fucking idiots on this board that backed this bailout please raise your hand and be noticed!
Bush_Bites
· 1 year ago
Citigroup:
If possible, please fire the MBAs twice.
Thank you.
Older_Wiser
· 1 year ago
It's not really "too big to fail" but "too big to run" IMHO.
Bigger is NOT better. This is being proved over and over and over. Even as the federal govt has grown under the Bush regime, it has governed horribly, wasted tons of money and grown the federal debt to historic proportions.
lucky hussein
· 1 year ago
Agree! 'too big to fail' = time to get chopped up - yay! gov't to the rescue ;) or become owned by the gov't in some way - I might be ok with that.
devis1
· 1 year ago
Huh--how's this for irony. One of the times I mentioned above (working non stop) at citi was when we were doing the AT&T divestiture of the baby bell pension plans back in the early '80's. That was a collosal waste of time--so much for anti-trust monopoly regs.
lucky hussein
· 1 year ago
So far, 401 folks are looking at 10 yrs of saving down the drain. What will happen if we drop below 2002-2003 lows (fairly close for the s+p) and then they are looking at the possibility of 20 or more years wiped out? PANIC - then they will lose 20 yrs or more for sure..
Cjeffery
· 1 year ago
I have a loan though Citi. I got a letter today saying my local office would be closing and my account would be moved to another branch. THis should mae for some confusion i'm sure.
Indigo
· 1 year ago
I'm shaking my head in amazement. Amazement that it's happening. Amazement that it didn't happen two years ago. Amazement that we're watching it happen and have no idea how to respond. Amazement!
Amicus
· 1 year ago
Hi Chris. I love your posts.
This "solution" looks like one done made "in committee".
They are seeking almost $8 billion in cost savings. Yet their board just voted (Oct 28th?) to pay a _cash_ dividend, at an annual rate of $3.4 billion (that would be about 12% of the $25 billion that they got from the government paid out in cash to the common shareholders...).
Consider this, too: you write down a bunch of residential mortgages and maybe some derivative holdings. why does that mean you fire 53,000 people across the whole business, especially if you advertise that your capital base is second to none in the industry, almost? ... anyway, I guess we'll know more when we get a glimpse of in what areas they think they can cut...
All Comments
BUT, I worked my ass off there (more than once working 3 days straight and only leaving to shower at a hotel and buy fresh clothes). They have a long history of treating their rank and file employees like shit and were one of the first to make widespread use of temporary employees back in the '70's to whom they provided no benefits.
Prince and several current top executives just bought millions worth of shares last week when the price went below $9. And they announce 53,000 jobs to be cut today--these people are criminals and belong in prison.
"if you only knew, how a man who has a lot can't wait to get more...'
Van the man Morrison - 'If you only knew'
Please all of you suckers and fucking idiots on this board that backed this bailout please raise your hand and be noticed!
If possible, please fire the MBAs twice.
Thank you.
Bigger is NOT better. This is being proved over and over and over. Even as the federal govt has grown under the Bush regime, it has governed horribly, wasted tons of money and grown the federal debt to historic proportions.
This "solution" looks like one done made "in committee".
They are seeking almost $8 billion in cost savings. Yet their board just voted (Oct 28th?) to pay a _cash_ dividend, at an annual rate of $3.4 billion (that would be about 12% of the $25 billion that they got from the government paid out in cash to the common shareholders...).
Consider this, too: you write down a bunch of residential mortgages and maybe some derivative holdings. why does that mean you fire 53,000 people across the whole business, especially if you advertise that your capital base is second to none in the industry, almost? ... anyway, I guess we'll know more when we get a glimpse of in what areas they think they can cut...