Perry Glasser

Dollars$ Buccaneer Award: Robert Rubin, Citigroup, Inc.

In Business, Wall Street on November 29, 2008 at 10:25 am

buccaneerTHE FACTS

  • Robert Rubin is the CEO of Citigroup, Inc. at one time the largest bank and financial services institution in the world, capitalized at $255 billion.Citigroup is now worth $20 billion.
  • CEO Rubin has been an appointed Weasel, as Secretary of the Treasury and once worked for Goldman Sachs.
  • Rubin has no operational responsibilities at Citigroup. In labor unions, this is called a sweetheart, no-show job. People go to jail for this.
  • Rubin has pulled down $115 million in pay since he started at Citigroup.
  • Citigroup’s shares are down 70% since Rubin joined the company; 86% from its all time highs. He is quoted as saying, “I have been very involved.” (WSJ, 11/29)
  • Rubin points out in the same interview that Citigroup’s “decision to increase risk followed a presentation to the board by a consultant.”
  • Citigroup is laying off 75,000 workers out of 375,000 worldwide.
  • Citigroup has received $40 billion in Citizen aid.

THE QUESTION

WTF???

 

People earn $ 10 million per year with no operational responsibility ask a consultant? If they don’t know, and if they have to hire advice-givers, fire their overpaid asses and hire the consultant!!

 

THE CHUTZPAH

Rubin is quoted as saying, “I bet there’s not a single year where I couldn’t have gone somewhere else and made more.” (WSJ 11/29) and,

 

“Maybe there are a few things in the context of the facts we knew then, we should have done differently.” (WSJ 11/29)

 

GEE BOB, YOU THINK??  STRICTLY IN THE CONTEXT OF FACTS, THAT IS.

 

THE AWARD

Stand! Robert Rubin, recipient of the Dollar$ Buccaneer Award, Extraordinaire with Oak Leaf Cluster for Balls of Brass.

 

In ancient Rome, he’d have fallen on his sword. That’s too much to hope for, so let’s ask Bob to avoid having the door hit him in the ass on his way out–and, O, leave that golden parachute so the Citizens paying for your mess don’t finance your place in the Hamptons, your use of the corporate jet, or the your medical benefits for life.

 

 

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