Citigroup planning 45,000 layoffs (on top of the 17,000 already laid off earlier this year)

[Dr. A ♥ O 203]

How many are employee owned? The only one I know of is Winco.

I swear I just read an article on VJ about some Saudi Prince who was heavily invested in Citi was selling an estate. In that same article they announced Citi was shaky.

In the business model they are teaching now days the first costs that are cut are the largest expense which is employes salary and usually starting with management and then down the food chain. This happens while the CEO's pockets are lined. Where did I see that CEO's of several fortune 500 companies have become some of the wealthiest in history in the last several year. I think it was a piece in Micheal Moore's documentary "Sicko". I've also seen it elsewhere like the Satire film "Fun With ####### and Jane". But it is so true.

Employee owned companies don't seem to suffer from that problem.

[russ 1]

I swear I just read an article on VJ about some Saudi Prince who was heavily invested in Citi was selling an estate. In that same article they announced Citi was shaky.

In the business model they are teaching now days the first costs that are cut are the largest expense which is employes salary and usually starting with management and then down the food chain. This happens while the CEO's pockets are lined. Where did I see that CEO's of several fortune 500 companies have become some of the wealthiest in history in the last several year. I think it was a piece in Micheal Moore's documentary "Sicko".

Chuck Prince has already been fired. And yes, Saudis are heavily invested in Citi.

Citi isn't shaky, the problem is that it is not profitable enough, given its size. It should be making 7 to 9 Billion dollars a quarter. That isn't easy to do. The best thing is probably for it to be broken up, by selling off some divisions to raise cash (what they desperately need). They also need to cut their dividend for the next year. I would start buying on the news when that happens.

At under $30 a share, it is also a bargain now too. While earnings will be misearble this year, it isn't like it is insolvent. Citi is still sitting on 1 trillion dollars in Cash. (and 999 Billion in debt). The problem is that they are so big, it isn't easy for them to just borrow 100 Billion dollars to ride things out. (They borrowed 7.5 Billion today at 11.5% interest. Most of us can borrow cash for less than that. They hit the Fed discount window for 25 billion recently, and a good chunk of change from the FHLBs too.

[one...two...tree 2,762]

How many are employee owned? The only one I know of is Winco.

I swear I just read an article on VJ about some Saudi Prince who was heavily invested in Citi was selling an estate. In that same article they announced Citi was shaky.

In the business model they are teaching now days the first costs that are cut are the largest expense which is employes salary and usually starting with management and then down the food chain. This happens while the CEO's pockets are lined. Where did I see that CEO's of several fortune 500 companies have become some of the wealthiest in history in the last several year. I think it was a piece in Micheal Moore's documentary "Sicko". I've also seen it elsewhere like the Satire film "Fun With ####### and Jane". But it is so true.

Employee owned companies don't seem to suffer from that problem.

http://en.wikipedia.org/wiki/List_of_emplo...owned_companies

There's quite a few companies out there.

[Dr. A ♥ O 203]

Mmmm Yum! Round Table Pizza! That makes two I know on that list.

How many are employee owned? The only one I know of is Winco.

I swear I just read an article on VJ about some Saudi Prince who was heavily invested in Citi was selling an estate. In that same article they announced Citi was shaky.

In the business model they are teaching now days the first costs that are cut are the largest expense which is employes salary and usually starting with management and then down the food chain. This happens while the CEO's pockets are lined. Where did I see that CEO's of several fortune 500 companies have become some of the wealthiest in history in the last several year. I think it was a piece in Micheal Moore's documentary "Sicko". I've also seen it elsewhere like the Satire film "Fun With ####### and Jane". But it is so true.

Employee owned companies don't seem to suffer from that problem.

http://en.wikipedia.org/wiki/List_of_emplo...owned_companies

There's quite a few companies out there.

[one...two...tree 2,762]

Mmmm Yum! Round Table Pizza! That makes two I know on that list.

How many are employee owned? The only one I know of is Winco.

I swear I just read an article on VJ about some Saudi Prince who was heavily invested in Citi was selling an estate. In that same article they announced Citi was shaky.

In the business model they are teaching now days the first costs that are cut are the largest expense which is employes salary and usually starting with management and then down the food chain. This happens while the CEO's pockets are lined. Where did I see that CEO's of several fortune 500 companies have become some of the wealthiest in history in the last several year. I think it was a piece in Micheal Moore's documentary "Sicko". I've also seen it elsewhere like the Satire film "Fun With ####### and Jane". But it is so true.

Employee owned companies don't seem to suffer from that problem.

http://en.wikipedia.org/wiki/List_of_emplo...owned_companies

There's quite a few companies out there.

Heh...we just ate out Round Table over the weekend....had the Wombo Jombo ...it was sinfully good...cleared the palate of turkey.

[Mr. Big Dog 10,747]

I swear I just read an article on VJ about some Saudi Prince who was heavily invested in Citi was selling an estate. In that same article they announced Citi was shaky.

In the business model they are teaching now days the first costs that are cut are the largest expense which is employes salary and usually starting with management and then down the food chain. This happens while the CEO's pockets are lined. Where did I see that CEO's of several fortune 500 companies have become some of the wealthiest in history in the last several year. I think it was a piece in Micheal Moore's documentary "Sicko". I've also seen it elsewhere like the Satire film "Fun With ####### and Jane". But it is so true.

Employee owned companies don't seem to suffer from that problem.

Yeah, that's who you'd want to work for. Companies that don't have to worry about what Wall Street demands. In my line of business, that would be BBH. It's something I think I'd like a lot. Would have to move to either NYC or Boston to do that, though. Not a pretty choice.

[one...two...tree 2,762]

I swear I just read an article on VJ about some Saudi Prince who was heavily invested in Citi was selling an estate. In that same article they announced Citi was shaky.

In the business model they are teaching now days the first costs that are cut are the largest expense which is employes salary and usually starting with management and then down the food chain. This happens while the CEO's pockets are lined. Where did I see that CEO's of several fortune 500 companies have become some of the wealthiest in history in the last several year. I think it was a piece in Micheal Moore's documentary "Sicko". I've also seen it elsewhere like the Satire film "Fun With ####### and Jane". But it is so true.

Employee owned companies don't seem to suffer from that problem.

Yeah, that's who you'd want to work for. Companies that don't have to worry about what Wall Street demands. In my line of business, that would be BBH. It's something I think I'd like a lot. Would have to move to either NYC or Boston to do that, though. Not a pretty choice.

We could see a change in policies that give support to employee owned companies instead of subsidies to corporations. I believe that there is a ceiling as to how big a company get before it compromises its efficiency. I just don't see the benefits of this super huge corporations except that by being so large, they wield a lot of power in Washington.

[Mr. Big Dog 10,747]

I swear I just read an article on VJ about some Saudi Prince who was heavily invested in Citi was selling an estate. In that same article they announced Citi was shaky.

In the business model they are teaching now days the first costs that are cut are the largest expense which is employes salary and usually starting with management and then down the food chain. This happens while the CEO's pockets are lined. Where did I see that CEO's of several fortune 500 companies have become some of the wealthiest in history in the last several year. I think it was a piece in Micheal Moore's documentary "Sicko". I've also seen it elsewhere like the Satire film "Fun With ####### and Jane". But it is so true.

Employee owned companies don't seem to suffer from that problem.

Yeah, that's who you'd want to work for. Companies that don't have to worry about what Wall Street demands. In my line of business, that would be BBH. It's something I think I'd like a lot. Would have to move to either NYC or Boston to do that, though. Not a pretty choice.

We could see a change in policies that give support to employee owned companies instead of subsidies to corporations. I believe that there is a ceiling as to how big a company get before it compromises its efficiency. I just don't see the benefits of this super huge corporations except that by being so large, they wield a lot of power in Washington.

My bad. BBH is not actually employee owned but it is privately owned - i.e. not a publicly traded company. It's owned by 40 some odd partners really. Which still makes it much better than the publicly traded companies that know nothing but how to race from quarter to quarter. Wall Street makes them lose sight of the big picture and stifles vision. I already know that there will be a hiring frenzy following the completion of the layoffs. Just like last time. It becomes quite frustrating.

[Sofiyya 1,687]

Last one leaving Citigroup, please turn out the lights.

[Mr. Big Dog 10,747]

Last one leaving Citigroup, please turn out the lights.

There's some 320,000 Citi employees across the globe. Certainly, 45,000 layoffs aren't negligible but it's far from drawing straws on who will flip that switch.

Edited November 28, 2007 by Mr. Big Dog