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« Bailout News Stimulus Edition: Generational Rape with a trillion dollar Shovel | Main | Bailout News: Music Video: F*k the Fed »
Wednesday
Jan282009

Bank Bailout News: Taxpayers Tell Citigroup To Suck It. Pandit Complies.

It's always the little things.  In last week's row over the huge losses at Merrill Lynch, we learned that $15 billion of your kids' dough was flushed down the toilet in the form of year-end bonuses for Merrill staff.  And this in a year that Merrill saw cumulative losses of greater than $40 billion.  Though there was plenty of outrage, the story that really caught people's attention that day was the Gasparino piece in The Daily Beast about John Thain's $1.2 million dollar office redecoration.

Hmm.  We have $15 billion in ridiculous bonuses versus $1 million in walking toilets.  It was a commode with legs after all.  Advantage: commode.

Yesterday we learned that Citi was preparing to take delivery on a luxury 12-seater that they ordered in 2006.  The cost, $50 million.  Meanwhile Citi has stolen $45 billion from your kids already  (plus a $300 billion asset guarantee), all in the past 14 weeks.  Advantage: luxury 12-seater.

It's not that surprising, really.  Some outrages resonate more than others.  So today, in the first symbolic win for the taxpayers since the auto execs were forced to hitch a ride to Washington, Citi announced that it will not take delivery of the new plane.

And you know what, we'll take it.  Though mostly symbolic, a win is a win, and we sure as hell needed one.  So come on inside where the taxpayer takes a victory lap as we examine how it all went down.

We have 4 unique takes on the story, each a great read.  Plus, today was Citi's annual Investor Day and we've got the transcript of all the lies Pandit was telling.

the WSJ with the complete citi analyst day transcript

Citigroup Continues to Bungle PR on Jet Purchase     nymag.com 

andrew sorkin on citi's blunder     dealbook  NYTimes

wall street's socialist jet-setters   opinion   NYTimes

 

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Reader Comments (7)

I like the writing on the photo. You should do more of that.
Jan 28, 2009 at 8:09 AM | Unregistered CommenterGenevieve
Hey Genevieve. How did you beat me here?

Damn
Jan 28, 2009 at 8:26 AM | Unregistered Commentercastro is cool againn
Nice site. It's visually appealing.
Jan 28, 2009 at 8:21 PM | Unregistered CommenterI came from CR
You can put Armani on a banker...but alas in the end....it's still a piece of shit in an Armani suit.
Jan 29, 2009 at 5:40 PM | Unregistered CommenterAin't Bullshittn'
"Citi's Pandit Vows to Repay Every Dollar Of U.S. Aid" This is what the NYT says through Reuters, how about paying it back wit 24% interest, like Citibank who steals from all of it's credit card holders. Pay it back with triple interest for the fraud perpetrated on the American public from their own greed.
Apr 21, 2009 at 2:17 PM | Unregistered CommenterJack
What's with all this old news ? How about some good up to date information ?
Aug 21, 2009 at 6:23 AM | Unregistered CommenterLudbud5
hey ludbub...you arrived on a story from January 28th...check our home page...
Aug 21, 2009 at 7:02 AM | Unregistered CommenterDailyBail

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