Citigroup Executives Score $2.2 Million Betting on Own Stock

If anyone was looking for a reason why a “secret” memo should be leaked, here it is. Nothing ever happens in a vacuum.

But beyond the everyday shenanigans that the banks have played in recent years, here’s a thought. If Citi operated at a profit since the beginning of the year, then how about repaying some of the dozen Billions they have been given in the recent past? This, of course, is a rhetorical question. Citi has not been operating at a profit neither since January 09, nor anytime in the recent past. Declaring profits “before” one time write offs or any such nonsense is bogus. It’s like saying you’ve earned $100000.00 last year and omitting to say that your expenses were US$350000.00. So, did you earn money? Well, yes! But did you make any profits that would allow you to re-invest and expand your business, or pay taxes to the state, or employ new people? Absolutely not.

So, Citi operating at a profit is smoke and mirrors. But a memo leaked in a timely fashion can help some insiders pocket some beer money without too much hassle.

http://www.bloomberg.com/apps/news?pid=20601087&sid=ab3VmhTulLyc&refer=home

Advertisements

Tags: , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: