Citigroup May Spend $10 Million for Executive Suite

Citigroup May Spend $10 Million for Executive Suite

www.bloomberg.com

March 19 (Bloomberg) -- Citigroup Inc. plans to spend about $10 million on new offices for Chief Executive Officer Vikram Pandit and his lieutenants, after the U.S. government injected $45 billion of cash into the bank.

Affidavits filed with New York’s Department of Buildings show Citigroup expects to pay at least $3.2 million for basic construction such as wall removal, plumbing and fire safety. By the time architect’s fees and expenses such as furniture are added, the tally for the offices at the bank’s Park Avenue headquarters will be at least three times as high, according to a person familiar with the project who declined to be identified because he’s not authorized to comment. Citigroup said the project will help it save money over time.

(visit the link for the full news article)



[edit on 19-3-2009 by MSMLies]

WHEN IS IT GOING TO STOP? Seriously though, this after Citigroup changed into a bank just so it could get some of that bailout money (well, that's the reason that we know of I'm sure they had other motives driving them as well. Even the name Citigroup makes it sound creepy and evil). This is just like AIG. Do you think that the government's giving them this money just to take it from us and introduce that world currency? At least someone's fightting to get them to pay it back.

www.bloomberg.com
(visit the link for the full news article)

[edit on 19-3-2009 by MSMLies]

What I want to know is why is this all such a huge deal all of the sudden? This kind of thing has been going on for awhile.

ALso...why don't some of you look at this as stimulus? The 10 million is going to be spent and put back into the economy...remember that mantra we've been getting for months?

The government is not only sending money out of the country...they are also misdirecting your anger to the wrong people.

Our government stepped all over the Constitution today.

They signed the GD bill.

BLAME YOUR POLITICIANS.

Although news like this doesn't make me happy, like the previous poster said Citigroup has every right to do this. It's the POLITICIANS fault for giving them billions (trillions?) of dollars without any strings attached.

Although, I'm sure that after this fiasco is over (if it ever is), that banks will never ask for a bailout again. But, they never should have gotten it in the first place.

You know I really wished I lived back in America, Land Of The Free!

It's a great place where dreams come true.
I don't know why I ever left!

I was born in NY, lived there for a while then moved to Canada for some reason.

Things are boring here in Canada, we are too non-interventionists and we really just mind our own business in the world scene.

I agree. This whole situation is effed up.

[edit on 19-3-2009 by MSMLies]

I know that a pleasant enviroment helps productivity.

They also need some accessories like wet bars, electronic gadgets and hidden safe rooms not to mention some heavy duty safes for all that cash.

A few nice ceiling fixtures, possibly some early 17th century furnishings and some priceless art for the walls.

10 Mil sounds reasonable.

It'll probably go over that budget, but it will have to be done.

duplicate

[edit on 19-3-2009 by imd12c4funn]

Should they know better and not do this? Sure.

But, it will continue until they put strings on the money that it can only be used for certain things. Then of course, that rasises the issue of who tracks what its spent on.