...comes from Yahoo News:
Bull-effin'-crap. Yes, there is a crisis going on; that's hardly news. What we don't need is another group of gazillionaire Wall Street executives let so easily off the hook.
Try again Ms. Headline-writer, and call it what it is. Try "Citi's woes reflect the depth of Citi's leaders' cluelessness." Cluelessness about what can happen when growth is pursued at all costs, even to the exclusion of more prosaic goals like actually understanding the myriad businesses you acquire, or maintaining a semblance of risk assessment and management. Cluelessness that reached such depths they're actually getting away with saying "Holy banana cakes! There's a crisis goin' on! Our models never saw THIS coming!" Just freakin' inexcusable.
Why were they paid multi-million-dollar salaries? Surely not cuz they're WORTH it. A poorly trained, ass-picking monkey with an abacus could've done as well.
UPDATE: I never thought I'd feel sorry for the Big 3 auto manufacturers, but now I do. They asked for a measly $25 billion, endured two days of Congressional grilling and ridicule, and still walked away empty-handed. Citi just acted entitled - "too big to fail" I believe they call it - and took 20 times that home to the bank...no pun intended. No explanations. No hearings. No need to supply Congress with a business plan. It helps to have friends in high places.
1 comment:
AIG is the worst offender. They built their business on insuring high risk ventures. Evaluating that risk and putting a monetary value on it was THEIR JOB. They grew and grew and grew based on that risk, and then the risk broke them. They made a lot of money along the way, I say let 'em hang.
Citi and the others are guilty of the same thing, but I think AIG was the biggest offender.
If you want to play the risk game, DON'T CRY when you lose your @ss cuz you didn't know all the risks!
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