Citibank CEO to Protesters: ‘Call Me, Dudes!’

Citigroup CEO Vikram Pandit said he would be happy to talk with Occupy Wall Street protesters, calling their motives “completely understandable.” “Trust has been broken between financial institutions and the citizens of the U.S., and that is Wall Street’s job, to reach out to Main Street and rebuild that trust,” said the chief of the third largest U.S. bank. He made the remarks as he mingled with plain working folks at a breakfast organized by Fortune magazine. If you can’t make it to Mr. Pandit’s executive suite, Gawker obligingly provides his mobile phone number (646-512-4269) and suggests a few questions. Can’t get through? Try Mr. Pandit’s office phone (212-793-1201) or email him (vikram.pandit@citi.com).

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Wall Street’s Bailout Bonuses

 

Kenneth Feinberg, Special Master on Compensation Reform, cited 17 financial firms for “ill-advised” excessive payments to their executives while taxpayers were bailing their companies out with TARP funds. He called this “bad judgement.” Total of the bonuses and other executive payouts: $1.6 billion.

Big Deal at AIG

American taxpayers own 80 percent of American International Group Inc. (AIG) after the government bailed out the firm, one of the chief forces behind the world-wide financial collapse. AIG, your company, just granted huge pay increases to AIG’s top executives.

Goldman Sachs: ‘What Recession?’

Goldman Sachs helped alleviate economic suffering by donating  $16.2 billion to needy investment bankers. Its own. Company executives also committed a whopping 3% of that amount to help struggling small businesses. Strange; we thought New Yorkers always tipped 20%.

Goldman Sachs was saved from certain doom by the generosity of U.S. taxpayers, many of whom are now unemployed thanks to the machinations of Goldman Sachs. The company paid back the $10 billion in federal TARP funds that saved its assets. Why not? $12.9 billion of AIG’s federal bailout funds were paid directly to Goldman Sachs.

 

Image by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

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Economic Recovery Simplifed

All you need to know about the current economic situation in the United States.

 

Image by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

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