Reuters:
(Reuters) - Citigroup Inc (C.N) told about five former top executives that they will not be paid tens of millions of dollars in promised severance payouts, the Wall Street Journal said, citing people familiar with the matter.
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How much do you want to bet that Pandit got ALL of his bonus(es)?
Great management! Great way to create a loyal team!
Pay some of them. Lose the courage to stand by your decision. Don't pay the rest.
I believe it is wrong to pay executives multi-million dollars, while front-end workers who make the sales and deal with the consumers make non-living wages; however, to cut off executive severance payments midstream seems pretty unfair.
Why not create a new long-term policy to end outrageous severance arrangements for new executives.
Catch 22 really.
Question...
How much did they think they can squeeze out of consumers?
We need to take those executives to court. Arrest those thieves. They ran a Ponzi scheme. "Everybody was doing it" is no defense. I didn't do it. Niether did the pension funds that bought their AAA crap bonds. Arrest the executives of the rateing firms. Their lack of due diligence caused tremendous damage to the common wealth. Arrest the executives that were responsible for the credit default swaps. We have to hold these people accountable, or it will happen again with different names. We don't have to prove intent, only depraved indifference. That's a slam dunk!
Don't think it is over, I am sure the Execs will try to sue. I just hope the courts will not allow them to get this severance. But Citi did the right thing finally, not that they had much choice. Everyone needs to keep up the pressure, Execs do not deserve the millions in payouts when they failed so miserably.
As most of the Business News was on GM yesterday, there was a small detail about CITI that went largely unnoticed. Citi is no longer listed on the Dow Jones big board! They have FINALLY been relegated to wallow in the depths of Low Performers with their stock down to under $2.00.
Poor babies. I guess they'll just have to live with the millions they have already ripped off.
this is appalling, what is happening to contract law in this country???
Are you one of the guys who didn't get your bonus per your contract? Sorry, when the leaders of a company has ran it so far into the ground that said company is dropped from the Stock Market, said bonuses are NOT coming regardless of contract!
They could always just file for bankruptcy and they get nothing in the end anyhow. Have you been paying attention at all? Those people ran the company into the ground, frankly they deserve nothing as they did not do the job they were hired to do in the first place.
The contract doesn't just work one way; we've hardly seen prime examples of bankers living up to their part of the contract.
That's why we need to prosecute. Contracts are null and void when an illegal activity, such as fraud occurs. It would also make re-capture of ill gotten gains possible. Spare me the "Everybody was doing it." Didn't work with my kids either.
They told "about 5"? What the heck does that mean?
I'm so fed up with Citi. We are refinancing with them right now and what a pain in the a$$ they are. No communication and absolutely no customer service. We have been with them for 10 years and are being treated like shiot.
There...I feel better.
Why were they paying millions in severance to these "about 5" guys in the first place?!!
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Posted: 06- 2-09 01:48 AM