Citigroup to spend about $10 million on new executive offices
Affidavits filed with the New York Department of Buildings show that Citigroup, which has received $45 billion in government rescue aid...
Let's just cut to the chase.
Plans and instructions for the bank’s contractors, on file with the city, specify the installation of at least one refrigerator and ice maker from the company Sub-Zero in the renovated space, along with ‘‘premium grade’’ millwork and Madico ‘‘Safety Shield 800’’ blast-proof window film. The project covers 17 private offices, each with space for administrative assistants, as well as two conference rooms and open areas with ‘‘soft seating,’’ according to the plans.
$10 million would pay for 20 million man-hours of cheap Chinese factory labor (at a generous 50 cents per hour). I'm sure glad the Chinese are still willing to finance America's debt party.
In the past, people would think twice about buying a luxury car to park in front of an inexpensive house. Luxury cars are expensive. That's old school thinking though.
In the present, if people need to borrow $500,000 to buy a home, then what's the harm in borrowing an additional $50,000 to buy a luxury car to park in front of it? It's just a small percentage of the total borrowing.
Similarly, what's $10 million when you are getting $45 billion? Chump change I guess, and as a taxpayer I sure feel like the chump.
I put my portion of the bailout at $150 ($45 billion / 300 million Americans). I'd like to claim part of the Sub-Zero purchase as my own, since Sub-Zero is where the stock would be trading without my help.
Stag,
ReplyDeleteWhat's wrong with this picture?:
http://latimesblogs.latimes.com/washington/2009/03/michelle-obama.html
Good grief. Our homeless have cell phones and our wealthiest get trillions in bailouts.
I've never considered myself a big giver. But my charitable giving is multiples of what Joe Biden has given over the past 10 years (~$350/yr).
I also pay my taxes to the best of my ability unlike many of Obama's appointees.
I'm losing faith in so many things (and I've always been highly skeptical). Perhaps others feel the same way. In the end, the loss of faith may be the the most damaging fallout from the bailouts, corruption and fraud.
mab,
ReplyDeleteI'm losing faith in so many things (and I've always been highly skeptical). Perhaps others feel the same way. In the end, the loss of faith may be the the most damaging fallout from the bailouts, corruption and fraud.
November 14, 2008
WORLD LOSING FAITH IN GLOBALIZED ECONOMY: GLOBAL POLL (pdf)
http://www.globescan.com/news_archives/GlobalizationPoll_FULL.pdf
“The growing disillusionment with globalization extends worldwide,” said Dr. Simon Jimenez, Director of Global Issues Research at GlobeScan. “In both rich and poor countries, people believe globalization makes the rich richer and the poor poorer, rather than bringing economic opportunities to both rich and poor people.”
July 16, 2008
Americans may be losing faith in free markets
http://articles.latimes.com/2008/jul/16/nation/na-losingfaith16
For a generation, most people accepted the idea that the core of what makes America tick was an economy governed by free markets. And whatever combination of goods, services and jobs the market cooked up was presumed to be fine for the nation and for its citizens -- certainly better than government meddling.
No longer.
Spurred by the continued housing crisis, turmoil in financial markets, spiking oil prices, disappearing jobs and shrinking retirement savings, the nation and its political leaders have begun to sour on the notion that the current market system is the key to a fair, stable and efficient society.
Of course, that was before the bottom really fell out of our economy. I would argue that we've now lost faith in both the free markets AND government meddling (not that the "highly skeptical" among us actually ever had faith in either).
December 28, 2008
Losing faith in the religion of the marketplace
http://www.thestar.com/comment/article/558124
Just as a holy season for Christians has become, at a social and economic level, a prime feast day of consumer culture, our current financial morass represents much more than a financial meltdown. It is, in reality, a crisis of faith, a searing challenge to what social theorist David Loy calls, "the religion of the market."
January 23, 2008
Investors are losing faith in the Japanese market
http://www.iht.com/articles/2008/01/23/business/yen.php
On Tuesday, the Nikkei plunged 5.7 percent to 12,574.05 points, its biggest daily drop since the session following the terrorist attacks on Sept. 11, 2001.
"People are giving up on Japan," said Patrick Mohr, director of equity research at Nikko Citigroup in Tokyo. "In this environment, investors want to see results. There is a perception that none of Japan's reform promises have come through."
They weren't done giving up either. The Nikkei is now 7,945.96.
Despite his setbacks, Ho said he was not giving up. "Things are changing," Ho said. "It just seems sometimes that every step forward is accompanied by two steps back."
That reminds me of a joke.
Timmy is late for school. The teacher asked him why he was late. Timmy said that the sidewalks were icy and every time he took a step forward he fell back two. The teacher then said, "Timmy, you are not telling me the truth. At that rate, you would have never made it to school at all." That's when Timmy exclaimed, "I know! So I turned around and tried to go home!"
mab,
ReplyDeleteHere's some bonus faith.
June 7, 2005
Losing Faith in Greenspan
http://bubblemeter.blogspot.com/2005/06/losing-faith-in-greenspan.html
Greenspan goes on to say "The U.S. economy's response to the terrorist attacks of September 11, 2001, is a case in point. That shock was absorbed by a recently enhanced, highly flexible set of institutions and markets without significantly disabling our economy overall. But that flexibility should not be taken for granted, and every effort should be made to preserve and extend it. "
Isn't that just priceless?
What was our problem in 2001?
Two very large office buildings collapsed.
What was our plan?
Lower interest rates to nearly zero! Borrow massive amounts of money!
What is our current problem?
The United States housing market is collapsing. The United States banking system is collapsing.
What is our current plan?
Lower interest rates all the way to zero! Borrow massive amounts of money!