Most people here are well-aware that we have a soft spot for Tickle a Vickle Pandit, the CEO whose jolly elfin visage once had the power to do wonders for the bank’s shares. But I don’t even think we can help him get him out of this one.* Bloomberg reports that Citi will spend about $10 million on new offices for Pandito and his lieutenants. Here’s the TARP-taking firm’s explanation for why this isn’t a big deal:
“Senior executives in our corporate headquarters are moving from two floors to smaller, simpler offices on a single floor…Based on estimates made when the project was initiated, we expect to generate savings in the next few years well in excess of the project costs.”
Meanwhile, we have it on good authority Charlie Gasparino is tapping his Citi sources in the hopes someone will leak the itemized list of new furniture coming Vik’s way, including a $500,000 commode, except in this case it actually will be a toilet, and not a fancy cabinet.
*Though maybe this is an attempt to convince people Citi will be profitable at some point between now and fifty years from now, and that this is therefor an insignificant expense? Or Prince, like O’Neal, had decorated his office in the style of Studio 54, and Pandit deemed it uninhabitable?
rumor – Thain is helping decorate the office….
Vikram Pandit = the new Mary Tyler Moore
I guess slummin’ it in the old corporate suite did not cut it anymore. Times are tough, lose tens of billions, and fix up the crib…
Page 56 of their filing; uh oh
http://pro.edgar-online.com/DisplayFilingInfo.aspx?TabIndex=2&FilingID=6489656&type=html&companyid=12025&ppu=%2fProfile.aspx%3fColLeft%3d75acdace-2e0d-43ab-ab8c-bde7ebb0468c%26ColRight%3d99c788b8-e9fa-4e3a-889a-08ece1b096d7%26ticker%3dc
@ 2 -
Who can turn the world on with his smile?
Who can take a nothing day, and suddenly make it all seem worthwhile?
Well it’s you Vik, and you should know it
With each glance and every little movement you show it…
Love is all around, no need to waste it
You can have a town, why don’t you take it…
You’re gonna make it after all!
You’re gonna make it after all!
“…we expect to generate savings in the next few years well in excess of the project costs.”
Next few years? Are you f*cking kidding me? Does anyone actually believe the big C will actually occupy their Park Ave offices in a couple of years.
Ship those turds over to LIC.
@4- can’t open it, copy and paste?
$500,000 commode, except in this case it actually will be a toilet
It’s kind of a “pimp my ride” thing when back in the village Jamal is managing the outhouse.
It’s their s-4 filing. 312.05 refers to financial distress.
Smile while you’re makin’ it. Laugh while you’re takin’ it. Even though you’re fakin’ it. Nobody’s gonna know…
Your a Lucky Man.
From: O Lucky Man movie lyrics.
wow so over time Citi plans to make money on the remodeling? Is this a new investment divison?
How do i get in?