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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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Obama Administration – Conflict of Interest Alert – Larry Summers

Once again, it is revealed that President Obama’s administration has proved less than stellar compared to his campaign promises of changing Washington DC.  Since swearing into office and to uphold the duties for which he was elected for, President Obama has made dubious decisions in choosing the appropriate people to fill the top posts in his administration.  Many were marred with tax scandals as they appeared before Congress and some had to withdraw their nominations due to allegations of unpaid taxes or great conflict of interests.  Even within 24 hours of declaring a new policy to stem conflict of interest, he had to make an executive exception to the nominated Deputy Director of Defense William Lynn, a former Raytheon executive.

The latest scandal to hit the Obama administration is Larry Summers, who has now reported receiving millions of dollars from the very same industry and corporate entities which he is assisting with his policy and regulatory advice to President Obama and Congressional leaders.  It was already with great controversy that Treasury Secretary was nominated given criticism that he failed as the President of the NY branch of the Federal Reserve system to watch over the financial system and avoiding collapse.  In addition, Geithner faced also back tax scandals.

Many critics believe that between Summers and Geithner, the two are a power couple that are too close to the industry to be impartial and to do what is right for the country and all Americans.  Meanwhile, the US Government is spending trillions in an unprecendeted effort to save the financial system.  But really, have other simpler, less costly to the American taxpayers and more effective been really explored or even contemplated?

Write to President Obama and demand for change and transparency.

Summers Earned Millions in D.E. Shaw Salary, Bank Speech Fees

By Timothy J. Burger and Kristin Jensen

April 4 (Bloomberg) — Lawrence Summers, director of President Barack Obama’s National Economic Council, earned millions working at a hedge fund and speaking to banks such as Citigroup Inc. that later received taxpayer bailout money.

Hedge fund D.E. Shaw & Co. paid Summers more than $5 million in salary and other compensation in the past 16 months, according to a financial disclosure form released by the White House yesterday. Summers served as a managing director at the New York-based firm. Summers, a former Treasury secretary, also earned more than $2.7 million in speaking fees.  [Read Full Article]

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State of US Economy After Trillions of Taxpayers Funds – Update

So how is the economy given all the money the US Taxpayer are pumping into the system?

How long will Americans wait for results before judging success or failure of their leaders during this crisis?

Take this poll.

Courtesy of CHRISTOPHER S. RUGABER – Apr 3, 2009

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THE STATE OF UNEMPLOYMENT

13.2 million: People unemployed in March 2009 — the most ever in records that date to 1948

12.8 million: Population of Illinois, President Obama’s home state

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A CITY’S WORTH OF JOB LOSSES

663,000: Net loss of jobs in March 2009

637,000: Population of Baltimore

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COLLEGE STILL COUNTS

4.3 percent: Unemployment rate for college graduates

9 percent: Unemployment rate for people who graduated from high school but did not attend college

13.3 percent: Unemployment rate for those with no high school diploma

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UNDEREMPLOYED

9 million: Number of part-time workers who would have preferred full-time work last month — the most in records dating to 1955

2.1 million: People without jobs who wanted to work, were available and had looked in the last 12 months, but had not looked in the last month.

15.6 percent: Unemployment rate including involuntary part-time workers and those who hadn’t looked in 12 months — the highest in records dating to 1994

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DOWNTURNS, THEN AND NOW

8.5 percent: Unemployment rate in March 2009

10.8 percent: Unemployment rate in December 1982, one month after deep recession ended

October 1983: Last time the unemployment rate was higher than the current level

59.9 percent: Portion of the total population that had jobs in February

July 1985: Last time the portion was this low

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MARCH UNEMPLOYMENT RATE BY GROUP

8.8 percent: Adult men

7 percent: Adult women

10.8 percent: Female heads of households

6.4 percent: Asians

7.9 percent: Whites

11.4 percent: Hispanics

13.3 percent: Blacks

21.7 percent: Teenagers

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RECESSION AS JOB KILLER

5.1 million: Net job losses since recession began in December 2007

651,000: Jobs lost in February 2009

741,000: Jobs lost in January 2009

681,000: Jobs lost in December 2008

122,000: Jobs lost in March 2008

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WHO’S SURVEYED

60,000: Number of households interviewed in the monthly Census Bureau survey from which the unemployment rate is extrapolated

40 percent: Portion of companies in the survey of businesses, from which payroll and job loss numbers are extrapolated, with fewer than 20 employees

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