• 17 Feb 2009 at 12:05 PM

Sure, But Don’t Even Think About Trying To Make Color Copies

By Equity Private

In this new age of cost cutting no contractual obligation, no matter how ancient, is safe from scrutiny. What might have seemed an innocent provision on a severance agreement eight years ago today comes back to haunt firms and subject them to navel gazing by The Safecracker and crew. To wit: Bloomberg’s shocking exposé on offices and secretaries that, no doubt, will result in a Congressional investigation by Friday.

Looking for Charles O. “Chuck” Prince, ousted 15 months ago as Citigroup Inc.’s chief executive officer? Just call his extension at the bank, which still pays for his office and secretary in Midtown Manhattan.
Former Citigroup investment-banking head Michael Klein also has a free office and secretary after receiving a $34.3 million exit package when he quit in July 2008. John Reed, 70, who hasn’t worked at the bank since he resigned as co-CEO in 2000 with a $5 million parting bonus, is entitled to an office and secretary for as long as he wants.

Oh, the humanity.
Citi Cost-Cutters Skip Offices, Staff for Ex-CEOs Prince, Reed [Bloomberg]

Comments (11)

  1. 1
    Posted by guest | February 17, 2009 at 12:22 PM

    Too long; didn’t read.

  2. 2
    Posted by guest | February 17, 2009 at 12:25 PM

    don’t take their secretaries!! someone has to be there to tie their Barker Black
    Ostrich Cap Toed brown leathers!

  3. 3
    Posted by guest | February 17, 2009 at 12:29 PM

    Citi has truly become the laughingstock of the financial world. What a bunch of idiots. They shouldn’t have gotten a dime of federal $$ unless they sold off 100% of Smith Barney. Who the fuck cares if you want to keep it, it’s your fault you don’t know shit about how to stay profitable.
    Shitigroup

  4. 4
    Posted by guest | February 17, 2009 at 12:44 PM

    What a joke. Layoffs, bonus/pay cuts and what, all this overhead for high rollers? Give me a break. This management team (yes, Vikram and Co.) must go.

  5. 5
    Posted by Anal_yst | February 17, 2009 at 1:28 PM

    Yes, cutting costs across the board will really do so much to address the underlying problems at hand….dolts

  6. 6
    Posted by guest | February 17, 2009 at 1:30 PM

    EP,
    Congress will probably have a mini field day with this but you do have to admit the concept of firing someone, or letting them resign, but then still giving them an office and a secretary is kind of stupid.
    When you fire someone, you usually do that in the hopes that they leave the building and not come back, unlike Milton from “Office Space”.

  7. 7
    Posted by guest | February 17, 2009 at 1:45 PM

    do they still get to boff these “secretaries”???

  8. 8
    Posted by guest | February 17, 2009 at 4:19 PM

    Let me guess, it was in their contracts.

  9. 9
    Posted by guest | February 17, 2009 at 4:31 PM

    Only a couple Shitigroup-bashing comments? Apparently everyone’s exhausted today…

  10. 10
    Posted by guest | February 17, 2009 at 4:44 PM

    @9
    Why bother beating a dead horse?

  11. 11
    Posted by guest | February 17, 2009 at 7:57 PM

    The board has full confidence in Mr.Prince to turn Citigroup around.

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