Citigroup Should be Punched in the Face (Figuratively)
(ht Dennis Howlett - who, despite being jet-lagged still manages to be both useful and entertaining)
The Fed shenanigans make me want to yell at inanimate objects but this makes me want to start punching people in the nose. Not advocating violence or anything but sometimes you've got to break a few jaws to get your point across and if anyone deserves to get a smiley on the curb, it's Citigroup right about now.
Andrew Cuomo's bonus report is the big news of the day, of course, but Citigroup's ultimate taxpayer fuck you is the true highlight. Despite four taxpayer cash injections (or perhaps because of), Citigroup seems compelled to reward failure with funds - and why not? It's on the taxpayer dime anyway, who cares?
Here is the breakdown for Citigroup:
Tarp funds received: $45 billion ($25 billion on the Capital Purchasing Program on Oct. 28, 2008, $20 billion on Dec. 30, under the Targeted Investment Program.
2008 Loss: $27.7 billion, or $5.59 a share.
2008 total bonuses: $5.33 billion in cash and stock ($4.6 billion of the mixed cash and equity bonuses were discretionary, and $704 million were guaranteed).
11 executives received a combined $77.25 million in cash, deferred cash, performance vesting stock and performance priced options.
The Senior Leadership committee (excluding members who are also executives) received a combined $126.26 million in cash, deferred cash and equity.
Top four recipients received a combined $43.66 million.
The next four received: $37.47 million.
The next six received: $49.81 million.
Number of individuals that received more than $10 million: 3
Number that received more than $8 million: 13
Number that received more than $5 million: 44
Number that received more than $4 million: 69
Number that received more than $3 million: 124
Number that received more than $2 million: 176
Number that received at least $1 million: 738
Total work force: 322,800.
So it's illegal for me to punch these pricks in the face but it's totally legal to create an advanced money laundering scheme through the Treasury and Fed, call it some clever acronym, get it approved by Congress under false pretenses, and then use what's left over to reward the idiots who created this mess in the first place?
That would only make sense to crack addicts and schizophrenics, and even those groups might have some concerns with the details.