Comments on: An Open Letter To Vikram Pandit, CEO of Citigroup

By: Why Did Bank of America Listen To Us And Not Citigroup? | Financial Samurai

Why Did Bank of America Listen To Us And Not Citigroup? | Financial Samurai — Mon, 07 Dec 2009 09:02:49 +0000

[...] Listen To Us And Not Citigroup? December 7th, 2009 admin Leave a comment Go to comments In an “Open Letter To Vikram Pandit, CEO of Citigroup” we urged Vik to sell the 33% government stake back to the very public that bailed Citigroup out [...]

By: Wall Street Pay Regulation - How to Create a Win-Win Situation | Financial Samurai

Wed, 30 Sep 2009 08:04:43 +0000

[...] Post: “Open Letter To Vikram Pandit, CEO of [...]

By: admin

admin — Thu, 24 Sep 2009 21:19:50 +0000

Hi Jim – Yeah, it’s frustrating. My rate is Prime + 7% vs. my HELOC at Prime + 0%. Why is it that Credit Card companies have to jack up rates by SO MUCH more than fair.

It’s actually very stressful going down the path of bankruptcy. I wouldn’t want it… but it’s true, it’s like getting a get out of jail free card that sticks with you for 7 years though. It’s tough.

By: Jim Bauer

Jim Bauer — Thu, 24 Sep 2009 21:01:27 +0000

I have been appalled by the credit card company’s jacking up of credit card rates to customers who have been loyal, on time repayers. Every card I had was the same story, and I cancelled every one of them. In fact, currently I do not have a useable credit card. Not that that’s a bad thing. I can use savings. But its the principle that got me where it hurts. And I keep thinking about the ease and comfort people have in their lives who don’t pay their bills…you know, the ones who file for bankruptcy for example.

By: admin

admin — Thu, 24 Sep 2009 03:19:55 +0000

David – I actually think that if the government can offload its stake, it’ll get investors excited b/c 1) there’s no more overhang, and 2) Citigroup can start justifiably paying for talent again. Investment banks and many other type of firms rely on human capital. If they can retain and re-poach quality talent, profits may return, and investors will very well bid the stock up.

The government’s window to offload looks to be right now. Your friend is right though. Governments care about jobs first. And that is one of the good things for Citi employees, is that b/c the government is a stakeholder, they probably won’t allow a mass round of layoffs.

By: David@DINKS Finance

David@DINKS Finance — Wed, 23 Sep 2009 15:34:35 +0000

Besides how messed up Citigroup is, I find it ironic how much the government wants to “help” them out. My friend has this rationale that the Obama Administration simply won’t let them fail and because of that the stock is underpriced (what’s the risk? They won’t go bankrupt). Anyone think the stock can double in the next six months?

By: admin

admin — Wed, 23 Sep 2009 15:22:22 +0000

@Apprenticeoflife We’ve all gone through a lot of pain, and we think it’s important to note that 1) Not everyone at a big bank is “evil” and responsible for the downturn. What did our bank teller friend do that was so wrong for example? and 2) The people have the right to transparency, if government taxes are used for assistance. Just because the stock market is back to the good times, doesn’t mean we shouldn’t stop vigilantly trying to always understand what is going on.

We won’t let the wool be pulled over our eyes!

Financial Samurai

By: Apprenticeoflife

Apprenticeoflife — Wed, 23 Sep 2009 13:59:02 +0000

Amen!! Thank goodness I don’t bank with Citi, otherwise I will cough up blood. By sadly I think everyone one of my mutual funds I own at one point also owned Citi, so I am still coughing up blood there…..