19 March 2009

Citigroup: Keeping Up With the Goldmans

What is ironic is that these stories of Citi extravagance are probably being leaked by other equally extravagant Wall Street players with big Credit Defaut Swap and short positions on Citi, hoping it breaks back down so they can get their own $10 million dollar offices.

The financial system is broken. The banks must be restrained. Speculation is no substitute for production, that creates real wealth. Speculation merely transfers wealth to the few from the many, until the blood tide rises.

Citi plans $10 million office refurb for executives
By Sam Mamudi
March 19, 2009

NEW YORK (MarketWatch) -- Citigroup Inc. plans to spend about $10 million on new offices for senior executives, according to a Bloomberg report Thursday.

The changes at the bank's headquarters in New York City will include a new office for Chief Executive Vikram Pandit.

The project is made up of 17 private offices, two conference rooms and open areas, reported Bloomberg.

Citi told Bloomberg that the refurbishment, which it began planning in June, will save the bank money in the long run.