Citigroup awarded Chief Executive Vikram Pandit $10.82 million of compensation in 2008, a year in which the bank required two government rescues totaling more than $45 billion.
I told you so...The worst has yet to come.
Protect your investment and leave the rest to speculators. You buy stocks for investment, not gamble. Citigroup is for day traders and gamble. You have better chance in Las Vegas than investing in Citigroup
Drama never cease at Citigroup. C management in corner offices are clueless what will hit them on the head. Stupidity is contagious. Ego has its painful price. Are we there yet?
NO BAILOUT SO CITIGROUP CAN ENJOY BILLION IN BONUS. Time to clean up Citigroup with a new management and Board of Directors. Pandit must go first to regain our trust.
Until then, do not trust Citigroup.
S&P, Fitch, Moody, Weiss, and Rating Agencies are crooks and suppose to spend time in jails long time ago. These crooks should downgraded long time ago under Bush Administration but they did wait until 6 years later.
US SEC protects them at all costs. Snakes guard hen house.. Enjoy it. Americans got exactly what they deserved. Our reputation is at huge risks worldwide. Our system is broken.
We do have enough rules and regulations. It is a matter of execution. It did not happen. People at the bottom are always the one who got hurt the most.
Never trust CEO Vikram Pandit and Citi Group. They are in for themselves. You are holding emptied bags. People at the bottom are always the one who got hurt the most.
We should investigate and prosecute the worst people at AIG, Citigroup, Merrily Lynch, and similar corporate America.
It is Time to clean up Citigroup with a new management and Board of Directors. Pandit must go first to regain our trust. Until then, do not trust Citigroup.
Our U.S. fianancial system is at huge risks worldwide and broken by the Citigrou's management and its cronies.
Hey, you've got a whole *dump truck* full of skulls...how are you going to keep track? Simply outrageous...!!!
Two former top executives of Citigroup are expected to be pressed by a special panel about the banking titan's role in spreading high-risk mortgage debt through the financial system.
Robert Rubin, a former U.S. Treasury secretary who was a senior adviser and chairman of Citigroup during the mortgage and financial crises, and former Citi CEO Charles Prince were due to appear Thursday at the second day of hearings being held by the congressionally chartered Financial Crisis Inquiry Commission.
The panel's goal: to get a firsthand accounting of decisions that inflated a mortgage bubble and triggered the financial crisis.
The focus of the current round of hearings, which wraps up Friday, is high-risk mortgage lending and the way trillions of dollars in risky mortgage debt was spread throughout the system.
Citigroup is being scrutinized because it was heavily involved in every stage of that process. The bank was a major subprime lender through its CitiFinancial unit. Other divisions of Citigroup pooled those loans and loans purchased from other mortgage companies and sold the income streams to investors.
Citigroup was one of the hardest-hit banks during the credit crisis, as borrowers defaulted on mortgage loans and its losses spiraled into the tens of billions. The bank received a total $45 billion in federal bailout money -- one of the biggest rescues in the government's program.
Critics have said that Rubin, with his vast experience on Wall Street and as Treasury chief during the Clinton administration, should have picked up on the warning signs of the financial crisis and taken a more active role in preventing Citigroup's debacle.
He was one of the most influential figures in American finance in recent years. Rubin was credited with steering the U.S. economy through the Mexican and Asian financial crises, and seen as an innovative big thinker in banking.
At Wednesday's hearing, a former Citi mortgage executive accused bank officials of violating their own risk-management policies and ignoring his warnings about the looming financial crisis.
Richard Bowen said he raised concerns about mortgage risk starting in 2006. He said he sent an e-mail about it to Rubin and others in November 2007.
Bowen sent weekly messages to managers raising concerns about his group's risk management. But he wrote to Rubin and other executives in 2007, "These breakdowns have not been communicated to or recognized by" Citi's top audit or finance executives.
Bowen said he doesn't know whether any executives acted on his warnings about the bank's purchase of suspect mortgages.
Citigroup disputed his account. Spokeswoman Molly Meiners said in a statement that the issues Bowen raised were "promptly and carefully reviewed when he raised them, and corrective actions were taken."