Breaking News: Pigs Fly......And Citigroup Will Not Use Taxpayer Money For Executive Bonuses.
A timely and excellent Michael Lewis commentary on Bloomberg. Ironically, Citi's 2008 bonuses are scheduled to be larger than 2007 even though the company is bleeding losses beyond imagination and most surely would not be here without government intervention via the Federal Reserve and Treasury.
I'm not sure how the Citi spokesperson cited in the article can categorically deny the Treasury bailout money won't be used for executive bonuses when the company is arguably insolvent. I'd feel more comfortable with Citi's statement if it was made by an external auditor. Speak of which, let's get some external auditors working on our behalf inside of these companies we are all bailing out.
I'm not sure how the Citi spokesperson cited in the article can categorically deny the Treasury bailout money won't be used for executive bonuses when the company is arguably insolvent. I'd feel more comfortable with Citi's statement if it was made by an external auditor. Speak of which, let's get some external auditors working on our behalf inside of these companies we are all bailing out.
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