NY Post Wants Citi Board to Quit

With the feds coming to Citigroup's rescue with a $20 billion investment and $300+ billion in asset-backing (not to mention the $25 billion it got from the first $700 billion bailout), the NY Post calls for the heads of Citi's board. With a graphic detailing board members and their compensation, the Post writes, "Blame abounds, but most of it must accrue to the Citigroup directors - the men and women paid well to make corporate policy, and to oversee its proper execution... At best, they snoozed through the company's massive build-up of bad debt and rancid security instruments," with many shots aimed at former Treasury Secretary Robert Rubin, who has made $107 million from Citi since 1999. Related: The NY Times's "Saving Cit May Create More Fear" article notes the new bailout might "encourage banks to take more risks in the belief that the government will step in if they run into trouble."

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By Jen Chung in News on November 25, 2008 12:33 PM

Comments [rss]

NannyState

Right. The Post thinks the Board of Directors at Citi should quit...because they are prominent Democrats. Not a peep about the CEO or the rest of the management team that is turning this bank into Lehman's twin Brother.The Post needs to cease any and all attempts at meaningful journalism and just print 'scandal in front, sports at the back, and tits in between'.

cucarachita

How about they have this choice:

a) stay on but at minimum wage.

b) go to jail

c) stay on for$1 a year till they FIX IT!

blackwhole

What a newspaper of whiners.

schizofriendly

...Mets stadium be named "Residents of New York Field".

Good thinking, HolyDiver.

mtauser

Citicorp was greedy sharks but they never committed any crimes. Just don't use them.

I don't. And all is fine.

ides_of_march

Not only fired but thrown in jail too; a real jail, not a federal country club.

I can daydream at least.

zodak

more of these top people need to fired, without a severence package.

mtauser

Noone should be banking at Citibank unless they have an investment stake in the firm and well understand the basis of how Citicorp makes money and the total sum of the whole firm.

If you choose a bank blindly, you will get blindsighted and taken down.

mtauser

HSBC under Stephen Green and John Lawrence has been run exceptionally well.

Citibank was run like the sharks they were including the creation of the product called the SIV back in 1988.

The American run banking system became a pull toy of the wealthy elite who prayed on the rest of us.

That changed when HSBC went through changes, but it was not an American based corporation even though it had branches in the USA.

HSBC did the heavy lifting already.

tingo

Notice the names on the board and how interconnected they all are.

There is no line between corporations and our government. They are bedfellows and our government acts on behalf of monied interests.

Don't believe the hype.

bagelman

why do these financial criminals get billions from the govt for screwing up (and billions for themselves when the times are good) and the auto industry, which also screwed up, is basically scolded out of the room by the press and govt?

not a big fan of the auto industry bailout, just sayin.

mtauser

Citicorp needs more than a brain transplant for me to use them. They are just one financial institution of literally thousands across the board.

My global banking needs are maintained by HSBC.

My local banking needs are maintained by Flushing Savings Bank and iGOBanking.com division.

I also use Countrywide which merged with Bank Of America but new rate tiers are not attractive so my local business is moving to Flushing Savings Bank and/or its affiliate of iGOBanking.com.

All banks I use have local branches where I live.

mtauser

Citicorp is funded by the Saudi Prince and the money he invested in citicorp has not even been accounted for fully.

Then you have the board of directors including Dick Parsons, oil ties back to MIT with Professor Deutsch, and oil ties back to Chevron amongst others on board.

I do not nor will not use Citicorp because of petroleum based ties and the fraud and corruption.

I use HSBC and have continued to support them for a long time now because of their responsibly funded businesses and their commitment to ending global warming.

I also use Flushing Savings Bank (iGOBanking.com division) because of high interest rate offered. The bank has no petroleum based ties in tow as far as I am aware and it is a small but growing local institution.

Spirit of 76

Oh, for the good, old days of First National City Bank, before they got too big for their britches.

Wza

Can't believe I agree with the Post.

HolyDiver

How bout save themselves or, uh, I mean, us the tax payers, $400 mil and have the new Mets stadium be named "Residents of New York Field." I own that damn field. CitiGroup ain't paying for it! Why in God's name are we allowing them to give the Mets $400 mil to name that joint? How? Sonsabitches!

r1b2

I can't believe I am agreeing with The Post.

Why did Win Bischoff need a loan of $343,390, and why did Citi provide it ot a board member? C'mon! The $6MM didn't help pay the bills?

flynn110

wait a second. what is this? a ny post cover I am supposed to take seriously? where are the boobs, the scandals, the comical headlines!?

Papercutninja

Do your public service today. Go out in the street, find the nearest financial institution and punch an employee in the face. I, for one, am glad i can do it to my baby brother. If you love freedom, punch a financial analyst!

RooseveltIsland360

The rule should be that any bank that takes on NEW debt related to bad assets should have its Board and Officers publicly flogged and their personal assets stripped. That shoudl discourage them from thinking the Goct will just bail out new risk.