Friday, March 20, 2009

More Leaked Citi Memos

Vik is freaking out again ergo leaked memos... This time it is potential employee defections and bonus refunds... And some not so good news for distress causing people.
To: All Citi Colleagues

From: Vikram Pandit

Date: March 20, 2009

Re: Washington Update

Our industry has recently seen a tide of negative sentiment rising in Washington, D.C. regarding compensation. Of course, some of it is warranted. But I take exception when there is a discussion about spreading the blame to each and every employee in the financial services industry. At our company, we removed the people responsible for Citi’s financial distress and acted fast to strengthen and streamline the business, and install new risk processes and new risk personnel. You have been invaluable in our collective efforts to put the company on solid footing.

The work we have all done to try to stabilize the financial system and to get this economy moving again would be significantly set back if we lose our talented people because Congress imposes a special tax on financial services employees. It would affect countless number of people who will find it difficult, if not impossible, to pay back the bonuses that they earned.

I want you to know that we are working in every appropriate way with policymakers in Washington, and with other financial institutions and industry associations, to come to agreement on a constructive industry compensation system that is good for the company, the financial system and the country. We will continue to do everything we can to ensure that we can pay our employees fairly, reflecting their market value and hard work, especially during these challenging times.

I know it is difficult, but no matter what happens in Washington our prospects will be best served if we all continue to work hard helping clients and customers around the world and improving the performance of the business and speeding our return to profitability.

So while you continue to focus on our clients and quality execution, please rest assured that senior management and experts in Washington are focused on these developments and trying to address issues raised in the debate with clarity about the real facts.

Thank you for your unwavering commitment and dedication.

(bjh) NY
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8 comments:

Greenie said...

He uses 'continue to' too many times, maybe because 'continue' is another word with 'con' in it just like economy, congress, consumer, confidence and other words these con-men use to continually keep us confused.

The Premium Collector said...

"return to profitability"?? I thought his last leak was that they were profitable for the 1st 2 months of '09. Bullyshiite

great morgan's ghost! said...

sorry for the diversion from the Cshiti, but you're gonna love this 1 tyler:

http://www.bloomberg.com/apps/news?pid=20601039&sid=aVo3AMbZl0Ko&refer=home

of course, just an 'opinion', but perhaps best to start squashing the idea b4 it gets a head of memesteam?

i thought rodgin cohen was bad, but this one takes the cookie.

blood dimon makes turbotimmy seem like a saint, or at least a stoner.

Max Leverage said...

It'll never happen, the President said he had "complete confidence" in the current Treas Sec. Only way Tim could leave his post now is if he needed to spend more time with his family.

Anonymous said...

Maybe these 'financial services' clowns are just overpaid to begin with.

Maybe they are paid large because they are really skimming the wealth of their customers.

Maybe we cut their salaries in half. Where are they gonna go? Run hedge funds, lol.

Time to stop the scam in its tracks. A fair wage for money jugglers, no more of this 7 figure crap. You want to make 7 large, trade for your own account. Oh, thats right, cant make money without inside information from the BOSS.

OhmeOhmy said...

I cannot believe you all missed the most salient point in this memo.

Vikram-Vikram says: "At our company, we removed the people responsible for Citi’s financial distress".

The buck stops here, no? Ultimately Vikram is the "Head Sand-Nigga in Charge". Remove yourself mutherfolker so we can all thank you for your unwavering commitment and dedication to the company.

Funny T, why don't you have any bad articles about JP Morgan? That company seems like a diamond in the ruff, a rose that has not lost it's pleasingly sweet olfactory properties.

Tyler said...

What can i say, ole JD keep the drrrty laundry in the subbasement. u got a pair o sox i should be lookin at?

killben said...

"The work we have all done to try to stabilize the financial system and to get this economy moving again would be significantly set back if we lose our talented people because Congress imposes a special tax on financial services employees. It would affect countless number of people who will find it difficult, if not impossible, to pay back the bonuses that they earned."

Dear Vikram,

as a dumb sucker (tax payer) I feel you have an option, pay up the money given as alms to you by us and pay all you want to retain your talented employees!

Also have you ever heard of the saying that "Beggars can't be choosers" ..

Regards
dumb sucker (tax-payer)