Citigroup: You’ve Got To Be Kidding

Posted: June 24, 2009 in Technology and Business
Who says Joe Average can’t run a public company?
Here’s today’s headline:  "Citigroup to boost salaries, cut bonuses."
Even Joe Average can tell that someone is getting scammed on that one.
And that someone?  We tax payers/investors, of course.  Like the AIG bonuses, this is just offensive.
Believe me, I understand the temptation to want to designate certain employees as invaluable.
But when you’ve lost $2 billion a month for the last 18 months, my guess is you don’t know what the hell is valuable or not.
In truth, very few employees designated as "invaluable" are, in fact, actually invaluable.  I’m saying that with a few decades of scars on my back.
I wonder why the CEO of Citigroup doesn’t know this?
I also wonder why the CEO of Citigroup doesn’t know that the financial industry has been decimated and there are tons of quality professionals dying for employment?
I also wonder why the CEO of Citigroup doesn’t understand how incredibly offensive pay raises for the very people who lost $36 billion over the last six quarters will sound to shareholders… uhm… will sound to we taxpayers/investors.
So I guess I wonder:  Why is this person still CEO?

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