Today a big-shot CEO thanks the taxpayer for enabling his bank's risk-free profits:
I love it when financial titans come clean about how they make money. In a roundabout way, Citigroup picked the pocket of the American taxpayer. How many Ivy League MBAs work there? They've paid themselves big bonuses in one final rip-off blowoff before everything heads south again.
I'd sure like to see Citigroup "contribute to America's recovery" by making more business loans available, but I won't hold my breath. Mr. Pandit is correct about Citi being a very different company from what it was two years ago, as its stock price is now about one-sixth of its value in April 2008. Good job Citi! You've done poorly for your investors but had terrific results for your managing directors.
US banking giant Citigroup said Monday it had returned to profit after two years spent largely in the red, posting a profit of 4.4 billion dollars in the first quarter of this year.
(snip)
Chief Executive Vikram Pandit said the company had now turned a corner.
(snip)
"All of us at Citi recognize that we would not be where we are without the assistance of American taxpayers, said Pandit.
"We owe taxpayers a huge debt of gratitude for assisting us at a critical time. We are determined to repay this debt by continuing to build a strong company and contribute to America's economic recovery."
I love it when financial titans come clean about how they make money. In a roundabout way, Citigroup picked the pocket of the American taxpayer. How many Ivy League MBAs work there? They've paid themselves big bonuses in one final rip-off blowoff before everything heads south again.
I'd sure like to see Citigroup "contribute to America's recovery" by making more business loans available, but I won't hold my breath. Mr. Pandit is correct about Citi being a very different company from what it was two years ago, as its stock price is now about one-sixth of its value in April 2008. Good job Citi! You've done poorly for your investors but had terrific results for your managing directors.
