In the wake of the near idiocy of the Big Three basically demanding a bailout for their companies, I find it ironic that Citi Group is looking for handouts to help them through their harder times...
All whilst keeping their $400 million contract with the Mets to make certain it's still "Citi Stadium".
On the other hand, AIG's new CEO will be working for $1 a year as his salary, without the possibility of a performance-based bonus until 2010. Additionally, they've eliminated a small handful of their top executive positions, as well as stated the remaining top-level executives will not receive bonuses or salary increases. Certainly, if they grow from this bailout, they will receive some incentives, but they do seem to have a focus on reponsibly dealing with the taxpayer dollars.
Editted: To give more credit where it's due, Goldman Sachs has stated there will be no performance bonuses handed to their executives this year. It's only a small step, of course, but it is nice to know that some in the industry are, at the least, showing some sort of sacrifice, no matter how little it may be.
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5 years ago
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According to the NY Post..."Two city council members have taken a page from The Post, urging Citigroup honchos to show their gratitude for a billion-dollar federal bailout by renaming the new Mets ballpark Citi/Taxpayer Field.
The struggling bank - which landed a $351 billion handout - is slated to pay $400 million over the next 20 years to name the Queens stadium Citi Field.
A Page Six cartoon by Sean Delonas mocked the irony in yesterday's Post by depicting the ballpark being renamed "Taxpayer Bailout Field."
The two city politicians, Staten Island Republicans Vincent Ignizio and James Oddo, obviously agree."
I could probably give them some benefit of the doubt if they gave some credit to the taxpayers who bailed them out.
It isn't bloody likely, of course... Citigroup has not demonstrated themselves to be one of the more rational institutions as of late.
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