Citi is trumpeting the fact that former CEO Sandy Weill has agreed to give up the perks of his retirement package, which include, among other things, a car and driver, plus use of the company's jets, and an office in the General Motors building, which Citi was paying for. Well Mr. Weill, I think this is what they mean by closing the barn door after the horse has gotten out.
Methinks that if it weren’t for Mr. Weill’s “merger” of Citicorp with the Umbrella and all the subsequent havoc it wrought, things would have turned out a little differently for the old Citi.
4 comments:
Remember good old Sandy was not alone in the deal. There was a Reed there and a Rhodes too. The latter is still on payroll by the way! Isn't he?
You are right.
These guys based on the stupid supermarket concept created a monster problem globally. It was a terrible example of "merging cultures" and, instead, unbreakable silos were formed with no managerial oversight. Reed was driven by greed and the other one by arrogance.
Former and current Citi Execs should be ashamed to take perks from the struggling financial institution. The millions they have made on the backs and sweat of others was enough payment. Use some of their own vast resources, not the current or former Citi employees who have lost all the value of their stock and their jobs. These wealthy SOB's have taken enough!!!
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