Property Grunt

Wednesday, June 24, 2009

What the f**k is the matter with these people?

Citigroup Has a Plan to Fatten Salaries

After all those losses and bailouts, rank-and-file employees of Citigroup are getting some good news: their salaries are going up.

The troubled banking giant, which to many symbolizes the troubles in the nation’s financial industry, intends to raise workers’ base salaries by as much as 50 percent this year to offset smaller annual bonuses, according to people with direct knowledge of the plan.

The shift means that most Citigroup employees will make as much money as they did in 2008, although some might earn more and others less. The company also plans to award millions of new stock options to employees in an effort to retain workers and neutralize a precipitous drop in the value of their stock holdings.


Citigroup executives said the changes were aimed at retaining employees. Some Citigroup workers have already left for small, boutique investment banks or large rivals that are not so beholden to the government.

Here's a question that I am sure they did not ask. WHERE THE F**K ARE THESE A$$HOLES GOING TO GO? There are no f**kin jobs out there. All you have to do is go to Recessionwire's Screwed updates and they will see that jobs are being shed quicker than weight off of a gastric bypass outpatient. And unless you are a welder or specialize in a field of skilled labor, there is really nothing out there for any of these people to go to.

Why would Citibank do this? Because they can.

For months, Citigroup executives have sought guidance from the Treasury Department about how to alter compensation. But after reviewing the new rules, the bank determined it did not need Mr. Feinberg or other government officials to sign off on pay for the rank and file. While Mr. Feinberg can request information on the pay polices at financial companies that have received two federal bailouts, the companies can reject his guidance.

Let's say that there was this massive exodus from Citigroup. Citigroup would then have to find replacements for these slots which would be easy to do considering the enormous pool of applicants. However it would mean that HR would be put into overdrive and would cause some ripples in the working environment. It wouldn't kill them. It would just make things annoying.

Citigroup's decision is to say f**k that noise why should go through that aggravation when we can just jack up everyone's pay. Then everyone's happy. It is easy for Citigroup to follow the path of least resistance especially when the milk money is coming straight from Uncle Sugar's teet.

“You can say it is outrageous,” said Alan Johnson, the president of the firm. “But maybe it’s a little like the canary in the mine, and you say that things are getting better.”

Anyone who even tries to pull a Bill O'Reilly and refuses to take the blame should seriously, shut the f**k up.

I am a capitalist pig. I am all about the money. But this isn't capitalism. These pay raises are an act of ignorance, stupidity and show a complete disregard for others. If these idiots keep up with this the type of bulls**t eventually it will make people evaluate how decisions are made in this country and are enforced.Then people will start seriously looking at other options that will result in an army of black helicopters hovering over the country.

Then we end up with this.

NSFW for language and violence.