Citigroup to cut more than 50,000 jobs

[weblord]

just read it online there are ads in between content
http://edition.cnn.com/2008/BUSINESS/11/17/global.economy/index.html?eref=edition_business

 

[GF]

Citi is in a heap of trouble right now. There are talks of them being bought by another bank sometime in the near future.

Bad stuff for the US economy!

 

[snoop]

Best thing banks can do right now is pare those costs right back.

 

[eFingerz]

sad
that is the main reason the government offered these bailouts is to keep workers employed
tho i heard that 75% of the workers are telemarketers
and being 90% of the calls are non effective or go unanswered or just get ignored
and i I usually feel sorry for em
but hate em
i get so many calls and i pay all my bills on time but i will be happy to see them thin out!

 

[snoop]

sad
that is the main reason the government offered these bailouts is to keep workers employed

Are you dreaming? The bailouts were offered to stabilize the banking system. If none of these banks cut staff they'd all be bankrupt, regardless of the $700billion.

 

[eFingerz]

yea that was a big part for the bank bailouts but the other was fear of unemployment $
and I think jobs is the #1 reason for the auto bailouts being planned /proposed

 

[snoop]

yea that was a big part for the bank bailouts but the other was fear of unemployment $
and I think jobs is the #1 reason for the auto bailouts being planned /proposed

The proposed auto bailout is largely to do with keeping people in that industry, the bank bailout was not, it was mainly about the wider economy and flow on effects economy wide of large banks collapsing. Both of those industries will keep having large layoffs. In times like this it has to be done, you can't have people twiddling their thumbs when the company is racking up large losses.

 

[Mike]

Bailout? what bailout?! The 700 bil have yet to be disbursed and used for the intended purpose. So far, nothing but hot air from Washington, no real solutions and in the meantime, Bank executives are still getting away with 7 digit paychecks, robbing, stealing and plundering the American economy.

How about cutting some of those million Dollar salaries and keeping some of the workforce employed. It's about enough that we're the ones holding the bag.
Not just that WE pay them 700 billion, we're would also be supporting the unemployment benefits of the 50k+ workers from Citi and 60k+ if the automakers merge, and this is just the tip of the ice berg. Just look at the current stats - unemployment, foreclosures, medical debt, credit card debt...and in the meantime, we continue to be at war - it's incredible to me how America can continue to just sit still and take it.

M.

 

[Compassion]

Citi is in a heap of trouble right now. There are talks of them being bought by another bank sometime in the near future.

Bad stuff for the US economy!

Yeah, one bank buys the others dismal liabilities

the other bank buys the other banks dismal liabilities...


so long as AIG and others get their $503 million in bonuses...(and bailed out)


Rep. Cummings from Baltimore, MD talking to Mr. Kashkari
http://www.youtube.com/watch?v=0voDipIvv8E

 

[snoop]

Bailout? what bailout?! The 700 bil have yet to be disbursed and used for the intended purpose. So far, nothing but hot air from Washington, no real solutions and in the meantime, Bank executives are still getting away with 7 digit paychecks, robbing, stealing and plundering the American economy.

Around $160 billion has been disbursed so far.

http://money.cnn.com/2008/11/17/news/companies/tarp_banks/?postversion=2008111720

How about cutting some of those million Dollar salaries and keeping some of the workforce employed. It's about enough that we're the ones holding the bag.

As far as the multi million dollar salaries they are being very severly cut,

"Top Executives at UBS Will Not Get Bonuses"
"Goldman Sachs chief executive Lloyd Blankfein gives up 2008 bonus"

Type in "bonus" on Google news, the headlines are full of stories about bonuses being scrapped, forfeited and even clawed back via the courts.

"The Swiss bank announced plans for a complete overhaul of its pay system and disclosed that it was taking legal advice to see whether it could claw back previously paid bonuses from tarnished executives. That raises the prospect of UBS demanding and, if necessary, suing Marcel Ospel, its former executive chairman, for the return of millions of dollars of bonuses that he received before UBS collapsed into losses. "

http://business.timesonline.co.uk/t...ectors/banking_and_finance/article5176083.ece

 

[Compassion]

http://www.youtube.com/watch?v=Hpyf-hS_WgY&feature=related

Dennis Kucinich grilling Kashkari

"...the last 60 has not been committed........"

 

[Mike]

Around $160 billion has been disbursed so far.

http://money.cnn.com/2008/11/17/news/companies/tarp_banks/?postversion=2008111720

Hence, I said - for the intended purpose. What are we doing though? We're dumping it right back into the institutions that caused the mess in first place.
Instead of buying critical mortgage papers, reintroducing them to the market once the markets have recovered and eventually regaining some of the 700 billion, they are handing it over to banks!

As far as the multi million dollar salaries they are being very severly cut,
"Top Executives at UBS Will Not Get Bonuses"
"Goldman Sachs chief executive Lloyd Blankfein gives up 2008 bonus"

I know what you mean Snoop - but c'mon - in light of the debt, ludicrously enabled financing and so forth - that's gotta be a joke, right?
He forfeits his bonus - well, thank you very much.
How about we cut executive salaries to acceptable wages of under 500k/annually and the rest is a based on a success bonus structure that requires prior approval by the board and/or stake holders?
I know - not a popular opinion as it's too much against the American way of life - "be all you can be and get all you can get."
Unfortunately, someone forgot to introduce the limits and common sense to the equation.

I guess I'm in rant mood today. Nothing personal Snoop -
In my corp. we have employees that barely get by with their wages, while we have to look at that circus.
The flip side of the American story seems to have been forgotten.

M.

 

[liquidcherry]

Hence, I said - for the intended purpose. What are we doing though? We're dumping it right back into the institutions that caused the mess in first place.
Instead of buying critical mortgage papers, reintroducing them to the market once the markets have recovered and eventually regaining some of the 700 billion, they are handing it over to banks!

I know what you mean Snoop - but c'mon - in light of the debt, ludicrously enabled financing and so forth - that's gotta be a joke, right?
He forfeits his bonus - well, thank you very much.
How about we cut executive salaries to acceptable wages of under 500k/annually and the rest is a based on a success bonus structure that requires prior approval by the board and/or stake holders?
I know - not a popular opinion as it's too much against the American way of life - "be all you can be and get all you can get."
Unfortunately, someone forgot to introduce the limits and common sense to the equation.

I guess I'm in rant mood today. Nothing personal Snoop -
In my corp. we have employees that barely get by with their wages, while we have to look at that circus.
The flip side of the American story seems to have been forgotten.

M.

AMEN!!!!

Mike, as always you put it in the right words....

I remember way back in 96 when i was still living in Germany and working for Mercedes Benz, there was a huge layoff of people because of a crisis(nothing comparable to these days of course) and guess who they layed off??

The workers..young ,old, german or not, tall or tiny, male or female but...the friggin executives(we called them "tie dudes") stayed....what company can survive if their are 20 execs and only 5 of the workforce remaining??


I would propose a much more drastic step....get the bonuses back, make them suffer as much or more than the real workers, we are suffering!!

It makes me literally sick when i hear all the stories about AIG,(i still cannot believe that they wanna pay 500 mill. to the execs because they wanna keep them and are afraid that they are leaving to other companies...HECK, pay them to disappear!!!!)
Lehman and so forth... hey even the Auto Industry...c'mon GM lost over the last seven years 93 billions but still comes out WITH A NEW HUMMER?????

If you are performing that bad as a coach of a sports team you are gone with the wind in no time???

Bahhh, that was my time to" rant", i feel much better, (even i still have to face the burden of foreclosure this month if i cannot find a job)

But i always keep my hope, my faith, my positive attitude....and like my grandfather kept saying:"It just can get better" !!

Cheers and Peace

Frank

 

[Corey]

strap yourselves in folks...
the rough ride of the world economy has hit yet!

Cheers
Corey

 

[liquidcherry]

strap yourselves in folks...
the rough ride of the world economy has hit yet!

Cheers
Corey

I am strapped(until i explode)...as a matter affect i believe it just began..and a lot has to do with Wall Street too...do you really want to have some bunch of foreign multi billion dollar investors(well that leads me to some conspiracy theory....) or brokers who are making millions with selling insider information regulating your life???(..they even make a $*** load of money right now!)

I don't but i am affected by that...and in the end, the worker, small business owner are going down the drain

Well, i better stop, i just think you don't see the whole picture....

Peace and soul

Frank

 

[Corey]

uumm I do see the picture Frank
I am a Property Valuation Student

the whole picture is the whole world not just Wall Street

 

[liquidcherry]

Hey corey,

I didn't mean to say you have no clue whazz going on

It is just frustrating to see the whole world going "kaputt"...what gets me the most is, why are we as a whole country still try to down talk the obvious...we are in a recession, let's face it...if everybody would just acknowledge the fact it would make things at least a bit easier?

Pick up the pieces and build a stronger, much more flawless economy..it is not easy but if we do it together we will have a better outcome....that's why i really liked today when O+MC met

The next 1-2 years are hard to overcome tho

Cheers

Frank

 

[Corey]

no worries Frank *w
yes it's frustrating

Cheers
Corey

 

[snoop]

Hence, I said - for the intended purpose. What are we doing though? We're dumping it right back into the institutions that caused the mess in first place.

The money was always intended for banks, they own the mortage backed securities and under the origial plan the cash would have gone to the banks. Instead of the govt buying mortgages they have bought bank stock, either way the effect is to recapitalize the banks.

Instead of buying critical mortgage papers, reintroducing them to the market once the markets have recovered and eventually regaining some of the 700 billion, they are handing it over to banks!

You talk as if they are just giving money away, that is not the case, the banks are issue stock to the government, the government has taken part ownership, eventually the government will sell those stakes just like they would have sold the mortgage back securities.

How about we cut executive salaries to acceptable wages of under 500k/annually and the rest is a based on a success bonus structure that requires prior approval by the board and/or stake holders?

I think it is largely happening already (the salary cuts), I would have thought though bonus plans would always have gone to the board are you saying they don't at the moment?

 

[liquidcherry]

I think it is largely happening already (the salary cuts), I would have thought though bonus plans would always have gone to the board are you saying they don't at the moment?

Are you kidding and ignore the news??

Of course the salary cut happens...but only on the lower level, the big wigs still receive their"well earned salary" ?

http://www.google.com/search?q=aig+...s=org.mozilla:en-US:official&client=firefox-a


Cheers

Frank