Citigroup Chief Is Set to Exit Amid Billions in Losses

[formercia]

Source: NY Times




The embattled head of Citigroup, the global banking giant, has told directors that he would resign from the bank after an emergency meeting this weekend in the wake of a $5.9 billion write-down and sharp drop in profit, people briefed on the situation said last night.

Read more: http://www.nytimes.com/2007/11/03/business/03bank.html

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This is what happens when the music stops and you get caught without a chair, or in this case, nearly worthless paper.

Is this guy related to Eric Prince?

[marmar]

1. Why am I finding it hard to muster sympathy?

:nopity:

[Turbineguy]

2. Add to that

200 or so million for the good-bye envelope.

[Deja Q]

3. Well, most people who resign don't get benefits.

Given his is a position of considerable influence, the reason he got paid a lot is because the decisions he made could adversely affect the company.

Shouldn't being responsible for bad decisions also be discussed? I mean, the people using his company for loans will have to pay...

[formercia]

5. I hope the shareholders sue him into destitution

These are the assholes that thought they would make a killing off of Junior's plan for global conquest.

[Democrats_win]

4. Every time a corporate crook resigns, a flower blooms.

In the case of CITI bank, one of the world's most crooked corporations, imagine flowers as far as the eye can see.

[Amonester]

6. "There's a sucker born every minute! HAHA!!"

"GOTCHA!"

[pattmarty]

7. Ugly mother fucker will get a "going away" gift of probably 10 Mil.

[bermudat]

8. Much more than that.

Multiply that amount by 10.

[Zynx]

9. Maybe not. He doesn't have a contract like O'Neal at Merril.

[Prisoner_Number_Six]

10. I wonder what the details of his Golden Parachute will be.

He won't walk away broke- unlike many others who will lose their life savings because of his policies.

[formercia]

11. The time bomb:

http://www.kitco.com/ind/Lee/nov022007.html

"According to Markit.com, AAA mortgages are now selling at 80cents on the dollar, whereas BBB (Subprime) mortgage are selling at 20 cents on the dollar."



How low can it go?