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Tuesday, July 7, 2009

Citigroup Has a Plan to Fatten Salaries

Citigroup has a plan to fatten salaries (New York Times, June 24, 2009: B1). Not on my buck they don't.

Top management at Citibank must be living in a dream world of their own creation. After taking two giant bailouts, they want to spend the money internally by boosting salaries rather than lending it out which was what they were supposed to do.

There is little reason to raise salaries while all around, excellent bankers are losing their jobs. If some Citibank people get hired away, so be it. There are plenty of good candidates in the job market who can replace them.

As a major shareholder of Citibank, in my role as taxpayer, I want the directors of Citibank to put a stop to this nonsense immediately

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