$this->bbcode_second_pass_quote('RSFB', '')$this->bbcode_second_pass_quote('ReverseEngineer', 'T')he Banking Industry doesn't need ANY workers. The whole industry can be run by Henry Paulson from his Laptop. He can write checks to himself, borrow from himself at Zero Percent and charge himself 18% interest on the money he borrows to make zillions on the money Ben printed for him yesterday.
It only stops working when he can't afford to buy any more ink.
Reverse Engineer
PeakOil is You
THE Citigroup Thread (merged)
Re: Citigroup To Cut 53,000 Jobs
by ReverseEngineer » Wed 19 Nov 2008, 03:47:58
I remembered this comment when having lunch today and was laughing like a maniac in the middle of the restaurant.
Submitted to "member quotes".
Glad I was able to make your lunch a fun one RSFB
Thanks for the submission to "member quotes". Really funny stuff is only funny because there is so much truth to it, unfortunately.
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Re: Citigroup To Cut 53,000 Jobs
by IslandCrow » Wed 19 Nov 2008, 05:47:47
$this->bbcode_second_pass_quote('Gorm', 'I') dont think one man is enougth. 2 - 3 years ago an article stated that a bank needed 20 to 25 people to run its operations. No links, just my memory.
The banking group I bank with has less than 20 staff all told and the local branch office has 6.
This bank does not fit into the *Too big to fail* category, so it is good that they have not borrowed money from other banks to cover their loans, and have a Capital Adequacy Ratio at least 3 times as high as the major banking chains here.
My feeling is that as things contract after hitting PO we will need these small local banks, with responsible lending to people they know, but the governments are only interested in saving some of the large ones. One of the first practical moves to support "relocalization" that I could do was to transfer my banking to a local group. [Disclaimer: from the information Seahorse(2) has published I realise that not all small local banks have followed a conservative lending practice, and at least in his area many are in deep difficulty - so check the financial statements of the banks you do business with]
We should teach our children the 4-Rs: Reduce, Reuse, Recycle and Rejoice.
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After massive layoff plans, CitiGroup headed for gov. rescue
by Sixstrings » Fri 21 Nov 2008, 21:31:06
$this->bbcode_second_pass_quote('', 'N')ov. 21 (Bloomberg) -- Citigroup Inc. will probably get rescued by the U.S. government after a crisis in confidence erased half its stock-market value in three days, investors and analysts said.
Citigroup has more than $2 trillion of assets, dwarfing companies such as American International Group Inc. that got U.S. support this year. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke may favor a rescue to avoid the chaotic aftermath of Lehman Brothers Holdings Inc.’s bankruptcy in September.
“There is no question that Citi is in the category of ‘too big to fail,’” said Michael Holland, chairman and founder of Holland & Co. in New York, which oversees $4 billion. “There is a commitment from this administration and the next to do what it takes to save Citi.”
While Citigroup executives say the company has adequate capital and liquidity to ride out the crisis, its tumbling share price may shake the confidence of creditors, clients and rating agencies. A similar scenario played out at Lehman, when Chief Executive Officer Richard Fuld declared the firm was “on the right track” five days before the firm went bankrupt.
http://www.bloomberg.com/apps/news?pid= ... =worldwide
Citigroup has more than $2 trillion of assets, dwarfing companies such as American International Group Inc. that got U.S. support this year. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke may favor a rescue to avoid the chaotic aftermath of Lehman Brothers Holdings Inc.’s bankruptcy in September.
“There is no question that Citi is in the category of ‘too big to fail,’” said Michael Holland, chairman and founder of Holland & Co. in New York, which oversees $4 billion. “There is a commitment from this administration and the next to do what it takes to save Citi.”
While Citigroup executives say the company has adequate capital and liquidity to ride out the crisis, its tumbling share price may shake the confidence of creditors, clients and rating agencies. A similar scenario played out at Lehman, when Chief Executive Officer Richard Fuld declared the firm was “on the right track” five days before the firm went bankrupt.
http://www.bloomberg.com/apps/news?pid= ... =worldwide
Last edited by Ferretlover on Fri 27 Feb 2009, 10:19:04, edited 1 time in total.
Reason: Merged with THE Citigroup Thread.
Reason: Merged with THE Citigroup Thread.
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