Wall Street banks in general are laying off more and more people given the headwinds of the financial sector. But that is the point. How many of the laid off could have been kept on the payroll with just a portion of Citigroup CEO Vikram Pandit's paycheck?
The Federal Reserve policy of keeping its target rate near zero is intended to allow banks to recapitalize, but it has the effect of taking money from the elderly and others living off their savings, and transferring that money to the banks.
Vikram Pandit heads Citigroup, one of the world's largest and most powerful banks. He's a smart individual -- why then does he advance such obviously specious arguments? The answer is straightforward: he can get away with it.