In yet another sign that the gall of Citigroup (NYSE: C) knows no bounds, the company issued a press release this morning proclaiming its donation of $50,000 to Chicago-based Spanish Coalition for Housing to "support foreclosure prevention counseling services."Now, I'm not knocking on the good work that the Spanish Coalition for Housing probably does. But is it really in good taste for Citigroup to go around bragging about its $50,000 worth of generosity after it just looted the U.S. taxpayers for $306 billion?
Adding to the arrogance and hypocrisy, Citigroup is insisting that it will stick with its record 20-year, $400 million deal to acquire the naming rights to the new New York Mets stadium.
I think the Treasury Department should insist that it be renamed "Bailout Ballpark." Or turn the name into a public service announcement: "Stay out of Debt Stadium" perhaps?
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Reader Comments (Page 1 of 1)
11-25-2008 @ 1:41PM
Joe Fleming said...
$400 mil. to name a stadium? That's a lot of jobs. Uncle should name an oversight board to monitor their spending of taxpayers money. Look @ some of the smaller reg'l. banks and the perks their exec's receive; almost as much as their salaries. No wonder the banking industry is in the toilet !
11-25-2008 @ 2:05PM
BHarrison said...
Now all of this merely UNEQUIVOCALLY DEMONSTRATES the sheer audacity and STUPIDITY of the CEO and upper management, doesn't it?
They are begging for "bail out monies"; and they have the audacity to think that they are "entitiled" to continue with a $400 MILLION program to get a stadium named after their corporation???
This merely demonstrates that the CEO and uppermanagement DESPERATELY NEED TO BE REPLACED. These people don't have ANY "common sense" . . . and are the American people going to tolerate this type of B.S.
Of course, the AIG management thinks it is all okay BECAUSE they are STILL RECEIVING THEIR EXORBITANT SALARIES. Their salaries need to be reduced by 40% or MORE just to "get their attention, and to make a realistic adjustment to corporate overhead. (Where are these dummies going to go to find a job? . . . Oh I forgot, the government (their old buddy Paulson) will probably hire them.
These guys are still "living in la la land, aren't they?
11-25-2008 @ 2:31PM
BHarrison said...
The point of it all is that as long as upper management's salaries and positions are unaffected by the disaster of their INCOMPETENCE and/or CORRUPTION, they are smuggly audacious that they can still do whatever they want to do . . . they've received on $25 Billion "injection" a while back, and they just received ANOTHER $20 BILLION this week.
Nothing is going to change until these "fat cats" are brought to reality by DRASTIC REDUCTIONS to their INCOMES. That is the "bottom line".
If they had anything to do with orchestrating and perpetuating the FRAUDULENT pyramid or Ponzi schemes, then they should be fired and indicted on CRIMINAL CHARGES. That is the only thing that is going to restore INTEGRITY to the markets, and to regain the public's "faith and confidence" to invest in the market again.
11-25-2008 @ 9:08PM
alan said...
I realize that "donations" to worthwhile organizations are not evil things to do, but Citi doesn't have a pot to sh*t in right now.
Every dollar spent is one dollar too much ESPECIALLY WHEN $45 BILLLLLLION of it was from the taxpayer, YOU AND ME !!!!
It seems management just doesn't get it. Why are these dopes trying to make believe that it's business as usual WHEN IT IS NOT.
As for MET stadium, do the math yourself. How many, say $60 k staff could you still keep instead of the damn ballpark? You could keep more than 330 real live people per year on the payroll for 20 years.
But Management and the BOARD in their "wisdom" think the name CITI on an arena in Flushing, NY is more important.
THAT IS EXACTLY WHY THE BOARD AND PANDIT AND HIS DIRECTS NEED TO GET THE BOOT ASAP !!!!!!!!!!!!!