Making an example of CitiGroup

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	Making an example of CitiGroup

falconz

11-25-2008 1:08 PM

103 views

tags:

economics, banks, bailout, money

falconz says:

Most people who lose their jobs get shown the door, period. They normally do not get a fat paycheck to go with them.
Accountability for bad decisions is just plain logical. If I mess up at a task at work, I get reprimanded. If I forget to include the cover sheet for the TPS reports, I should get called on it...once. If I burn down the building during lunch, I should be fired plus all the extras. Basically, the punishment should fit the 'crime'.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/85fe76ea-8888-4290-a68e-98db7b093384/1959CFAD-6A4F-4960-9F8A-A07C62016E91/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.portfolio.com/news-markets/top-5/2008/11/24/Citi-Should-Be-Punished?tid=true" href="http://www.portfolio.com/news-markets/top-5/2008/11/24/Citi-Should-Be-Punished?tid=true" style="font-size: 11px;">www.portfolio.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.portfolio.com/news-markets/top-5/2008/11/24/Citi-Should-Be-Punished?tid=true"><DIV> What's needed is more of a Saudi-style justice. A hand-chopping, not a wrist-slapping.</DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.portfolio.com/news-markets/top-5/2008/11/24/Citi-Should-Be-Punished?tid=true"><STRONG><BR /> Vikram Pandit<BR /> </STRONG></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.portfolio.com/news-markets/top-5/2008/11/24/Citi-Should-Be-Punished?tid=true">He should be given two weeks severance and sent on his way.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.portfolio.com/news-markets/top-5/2008/11/24/Citi-Should-Be-Punished?tid=true"><STRONG>Citi's board of directors, including (especially) Robert Rubin</STRONG></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.portfolio.com/news-markets/top-5/2008/11/24/Citi-Should-Be-Punished?tid=true">Fired, and must repay every cent they received while Citi was mismanaged. This is almost too obvious to mention, as is this: Can someone please explain to Barack Obama that one of his top economic advisers was in a responsible position at Citi</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.portfolio.com/news-markets/top-5/2008/11/24/Citi-Should-Be-Punished?tid=true"><STRONG> Citi's shareholders</STRONG></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.portfolio.com/news-markets/top-5/2008/11/24/Citi-Should-Be-Punished?tid=true">Citi's common equity should be reduced to zero, lest we abdicate the principle that bad investment judgments result in proportional losses.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.portfolio.com/news-markets/top-5/2008/11/24/Citi-Should-Be-Punished?tid=true"><DIV> Homeowners who made similarly bad judgments, by taking on mortgages that they could not afford, are being thrown out on the street. Thousands of Citi employees will be gracing the unemployment lines this holiday season, not because of anything they did but because the people who run their company are, and were, incompetent.</DIV></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/1959CFAD-6A4F-4960-9F8A-A07C62016E91/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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