Posted on 01/06/2008 11:27:03 AM PST by jimbo123
Bank Layoffs: In a continuing effort to shore up its finances, Citigroup could cut 5% to 10% of its 320,000 employees starting this week.
(Excerpt) Read more at online.wsj.com ...
Oh BTW they've also limit ATM withdrawals in NYC due to *cough* "isolated fraudulent activity".
There's still plenty of time to enter new short positions in Citibank IMO. Thirty to ten or less in a couple of months would be a fine payday. Wait until the next Fed "surprise" though.
Wanna bet the billion or so in bonus checks they wrote themselves this year are gonna clear first though.
You got that right
That was your idea of anti capitalist venom? If the theives keep this crap up they will bury the rest of us capitalists with them.
Bank executives, like anyone else, need to be held accountable if they enrich themselves through fraudulent activity.
Banking it not thievery.
Even bad banking it not thievery.
Citicorp shareholders have lost $100 billion as a consequence of their bad credit decisions, over the last six months.
The CEO has been fired.
Thousands of people are losing their jobs.
And you are chortling with glee over it and calling them criminals. It is insane venom directed at honest men who made mistakes and are paying serious consequences for them.
And it is beneath mere humanity, let alone conservatism.
The CEO lost his job, the shareholders lost $100 billion, and now thousands of bankers are going to lose their jobs as well.
You are getting all the "accountability" anybody could wish for. Perhaps rather a bit more.
And you are like, "yeah, go baby, pour it on, make 'em suffer, the bastards". It is obscene.
No way to say this politely, so...
Bullshit.
I don't have time to go into the details, but the banks did this to themselves, in five or six different ways.
A good site to start with would be www.minyanville.com.
Full Disclosure: The models used to define the tranches of risk were explicitly derived based upon the assumption of monotonically increasing property values and stable interest rates.
Cheers!
I still have enough C in my portfolio to refrain from chortling. And I am sorry if they let your secretary go.
LOL!
And the banks definitely made mistakes and are paying a price for it - but that is absolutely no reason for any decent human being, let alone any pro capitalism conservative, to be happy about any of it.
We want them to succeed. When instead they fail, it makes all of us a little less well off than we might have been. It benefits us in no way whatever. This is simply an understandable tragedy, like a car wreck. If I came up to your car wreck rubbing my hands with glee and chortling "it serves you right, you were driving too fast for the road conditions you bastard, hope you are paralyzed for life!", would this be excusable if less than perfect driving on your part was partially responsible?
This is pure class envy spite and worth of John Edwards. It does not belong on FR.
Exactly! Thank you
The current rapidly deteriorating state of affairs is exactly what unfettered capitalism gets you — relish it.
Somebody on a financial report Friday morning said most job losses, layoffs they say, are in the financial sector.
But it sounds like you are having a nasty time of it, life-wise. Maybe it isn't working out and you should try something else. Just don't screw up my country or its institutions, please. The door is open.
It is not that I want the banks to fail for revenge; it is that the failure of the banks will be the best market-oriented solution, and will discourage similar speculation for another dozen years or so (How long ago did that hedge fund started by the Nobel laureate economists go under?)
The problems are NOT that of the hapless homeowners, but the worldwide liquidity crisis spawned by banks not lending to one another and each bank being afraid to be the first to "mark to market" instead of "mark to model" -- thereby making it all the more likely that the stampede will be devastating when it comes. That, and the risks involved in the tens or hundreds of trillion dollars in derivatives based upon gaming the movement in securities prices.
And the CEO's who masterminded this, and who have received tens or hundreds of millions of dollars in severance -- one of them fired an underling who suggested their company was to exposed to the derivatives -- should be (to paraphrase humorist Dave Barry) : "hanged, shot, drawn and quartered, disemboweled, burned at the stake and then really hurt."
Cheers!
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