– Board of Directors Caves to Gov’t Pressure to Limit Pay, Require All Citigroup Execs To Wear Frilly Lace Thongs To Work –
Under government pressure Citigroup agreed to sell off one of it’s profitable business units so it could concentrate on losing massive sums of money in its banking activities.
The bank’s commodity trading arm, Phibro, was sold to Occidental Petroleum for what analysts termed “a pittance.”
For Citibank execs who don’t understand economic jargon, a “pittance” is generally considered “a small sum well below what something is worth.”
At issue was an agreement with Phibro’s chief trader Andrew Hall to …read more

Says Company Is Having Best Quarter Since 2007…
Citibank CEO Vikram Pandit sounded an upbeat note about his bank’s future today saying the financial giant is having its “best quarter-to-date performance since the third quarter of 2007.”
Considering the stock is down 95% in the past year, that’s quite a snappy vote of confidence from the head guy.
Combine that with Pandit’s giddy assessment that Citigroups deposits are “relatively stable” after a $300 billion capital infusion which made the Federal government the financial firm’s largest shareholder and it’s enough to make you want to mortgage your house to buy Citibank stock.
Oh, wait. …read more