The vote against CEO Vikram Pandit's pay package is more about Citi's performance than outrageous executive pay
It is a good day for working-stiff schadenfreude when top executives at Citigroup are told by company shareholders that they don't deserve millions of dollars in compensation. Hurray for the 99 percent
Banking giant Citigroup has announced plans to cut 4,500 jobs globally over the next several months to reduce costs
You may be surprised to learn which industry has announced the most layoffs so far this year: finance
After the banks made wildly risky bets with our money, we bailed them out. Congress enacted financial reform (the Dodd-Frank law). But Wall Street lobbyists immediately set about diluting it, along with its regulations. Dodd-Frank is now riddled with so many exemptions and loopholes that the largest banks are back to many of their old tricks
Citigroup agreed to settle a $285-million negligence lawsuit that the Securities and Exchange Commission (SEC) filed that day over a $1-billion investment product linked with the housing market
Newsweek's latest cover story declares that The Great Recession is over. A Merrill Lynch report concurs, saying, 'The recession is over... We are bullish on global equities.' Goldman Sachs is placing riskier bets on the market than it did before the financial meltdown (and setting aside huge amounts of money to pay its executives). The problem is ...
There is currently plenty of alarming smoke pouring out of our economic Vesuvius, but it is being dismissed. Don't worry about economic tremors, we're told, our financial system is back on track, the bailout worked and we'll start our slow but steady climb to recovery. But warning signs are all around us ...
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