Archive for June, 2009

Citigroup Three Card Monty Policy on Executive Compensation

One would think that under the Obama administration of “greater transparency and accountability” that the 36% government owned Citigroup would wise up to the fact taxpayers are no longer tolerating huge compensations for, well absolutely nothing in return for shareholders but massive risk taking and losses.
Today, the NY Times reported that many of the bailed out banks who have received and continue to possess taxpayers’ money are looking for ways to divert previous “bonus” money to their base salaries.  No matter how they funnel money into the pockets of Wall St fat cats, they are simply raping their shareholders and taxing people who struggle to keep their jobs, their homes and pay their taxes.
Then why wouldn’t President Obama, Treasury Secretary Geithner, Senator Dodd and Congressperson Barney Frank do something about?
Even at the behest of taxpayers not to bailout failed businesses, the previous and current administration also failed to elect directors to the board of Citigroup!  How can that be?  36% shareholder and no representation on the Board of Directors.
Say what?
Doing a little research, you can easily detect the international political underpinnings to Citigroup.  Citigroup is made up of large concentration of foreign investors, mainly Middle East and Far East money.  A royal Saudi prince is the single largest shareholder as well as other various investment groups in the Middle East and Singapore.
So it is this writer’s opinion that because of the money ties to the Middle East, the current administration have no issue in bailing these people out with taxpayers’ money and at the same time, let them decide what to do with that money, even if it means it never makes it back to the taxpayers with interest.

One would think that under the Obama administration of “greater transparency and accountability” that the 36% government owned Citigroup’s Board and senior executives would wise up to the fact taxpayers are no longer tolerating huge compensations for, well absolutely nothing in return for shareholders but massive risk taking and losses.  Wrong!

Today the NY Times reported Citigroup as well as other banks that received and continue to possess taxpayers’ money are looking for ways to divert previous “bonus” money to their base salaries.  No matter how they funnel money into the pockets of Wall St fat cats, they are simply raping their shareholders and taxing people who struggle to keep their jobs, their homes and pay their taxes.

Then why wouldn’t President Obama, Treasury Secretary Geithner, Congressional leaders such as Dodd and Frank do something about it given the tough rhetoric during campaigning?

Even at the behest of taxpayers not to bailout failed businesses, the previous and current administration also failed to elect directors to the board of Citigroup!  How can that be?  36% shareholder and no representation on the Board of Directors of Citigroup?

Say what?

Doing a little research, you can easily detect the international political underpinnings to Citigroup.  Citigroup is made up of large concentration of foreign investors, mainly Middle East and Far East money.  A royal Saudi prince is the single largest shareholder as well as other various investment groups in the Middle East and Singapore.

So it is this writer’s opinion that because of the money ties to the Middle East, the current Obama administration has no qualms in bailing these foreign investors out of failed Citigroup with taxpayers’ money but simultaneously let Citigroup decide what to do with that money, even if it means taxpayers’ money never making it back to the taxpayers with interest.

How’s that for fiduciary responsibility post Madoff and Stanford?

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Chicago Mayor, Boss Daley & Croney Pat Ryan Guarantees Olympics to Fatten Pockets of Friends & Family

How dumb are Chicagoans to simply rollover and let Boss Daley to act unilaterally to guarantee the loss of preparing for the Olympics.  This guarantee will cover any Olympic build out overruns at the expense to its citizens who are struggling to keep jobs, pay bills and taxes.

In all these Chicago city projects for the Olympics, where would all the money flow? Who’s controlling the construction, and the labor to be used? Who’s going to skim from the top?  What happens when the Olympics is over in 2 weeks?

In London, they are already getting warning signals of  construction costs to go over their projections.  The Chinese Central Government, the anti-free speech and other liberties we Americans take for granted, claims their Olympic made money can’t be trusted.

Remember the Boeing deal which the city of Chicago gave them $60 million tax breaks to move their headquarters? Didn’t the Mayor and the city’s aldermans said it would have long term benefits?

Most recently, the city faced a budget deficit and had to lease the city’s parking meters to a private organization led by Morgan Stanely which caused massive parking meter rate increases to the city’s residences and businesses.  Another form of tax despite the talking heads in Chicago’s City Halls.  So where are all these “must do” and “will have long term benefits” projects done for the residents of Chicago?  If you ask me, it sure reads like another Madoff & Stanford  ponzi scheme rolling expenditures out of Chicago taxpayers pockets and into city contractors of the mayor and the city council.

To this date, I still don’t understand why to park in the streets of the city, one has to purchase a Chicago City Sticker, and a “neighborhood sticker”. This is in addition to registering the vehicle with the state.  Now on top of all these annual fees, Chicagoans must pay extraordinary meter rates.

Listen to the pundits rationalize Daley’s shenanigans.  Bottom line, Boss Daley is working on a stimulus plan of his own pocket and those he surrounds himself with standing in the shadows.

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