Citi has taken a lot of shit for (potentially) paying commodities trader Andrew “C” Hall a hundred million dollar bonus and you know what? They’re sick of it. Unfortunately there doesn’t seem to be much Vikram and Co can do to stop the relentless rounds of “you suck,” short of selling the whole damn thing. So, that’s exactly what they’re going to do. Just get rid of it. Nevermind that P-ro has been consistently profitable for 15 years. The bitching is too much to take. Moving forward, this will be the tactic Citi plans to take to solve all its problems. Got complaint about the bank? Air it in a public forum and it’s gone. Don’t care for Vikram? No problemo, he’s done.
Citigroup is working on a sale of its controversial commodities unit in a move that could raise hundreds of millions of dollars and deflect political anger over a potential $100m pay-out for its star trader Andrew Hall.
People close to the situation said that, after debating options such as divesting part of the unit, called Phibro, opening it up to outside investors or spinning it off, Citi’s executives favoured a complete divestment of the commodity trading division.
Citi executives and government officials said there had been no pressure from the authorities to sell Phibro – which operates from a converted farmhouse in Connecticut, far from Citi’s headquarters.
But people close to the situation said the desire to quash the compensation controversy was one of the reasons why Citi’s management favoured a sale. Keeping a stake or opening up Phibro to outside investors would still leave Citi vulnerable to criticism over Mr Hall’s pay, they added.
If anyone’s interested in the thing, please get in touch at this time. The FT reports that talks to gauge Warren Buffett’s interest have “cooled,” which is a polite British way of saying WB told the bank “I wouldn’t fuck Phibro with Pandit’s dick.”
Off topic…but I LOVE the “cleavage gloryhole” top that Trish is wearing.
1. get a top
2. cut a hole in that top
3. put your junk in that hole
@1 not interested in pregnant chicks.
-ACH
i loved this guy in the breakfast club.
What has two thumbs and loves scoops?
@3 he was better in 16 candles
@4 seriously, where is CG on this one?
This guy!
CG
Contrary to popular belief, I am not dying of aids.
Dennis Kneale
Good riddance, peasants.
-ACH
@1: yeah those milk jugs are filling up baby
@3 He was even better as the bad guy in RoboCop II.
the citi braintrust in action!
Even with only one for each twin, those babies will be well-fed.
I have a complaint about the interest i’m being charged on my credit card, can I just rip it up and pretend this never happened?
@1 – Yeah, those preg hormones must have Trish in heat.
Geesh…Somebody buy that guy a hamburger, please.
with fries, onion rings, and a milkshake.
Dude is seriously malnourished.
How long they gonna wait to pay this guy his money (in cash!) till he peaces out?
Citi by it’s corporate charter MUST divest itself of ANY profitable enterprise.
-Bob Rubin
He will start his own company. He will name it after the Greek god of money. What?? Pinky says that one is taken.
~M. Rich in Zug
@19….brutal!!
@19 I tried explaining that to GoldScrot when I turned down his merger offer, but he sounded really confused when I told him that, like it wasn’t part of Goldman’s charter. It made more certain than ever that I’d never want to work for LB.
Does anyone else think Andrew Hall is living out a fantasy of becoming Professor Xavier from the X-Men? I mean, consider the haircut, or the command center hidden on a bucolic estate in Connecticut, not to mention that he’s apparently posing in front of his rare comic book collection in that picture…
ACH can make all the $$ in the world, he’s still bald ahahahaaaaaaaa
Fire Marshall Bill Capital
For a million I’ll crack this fuck’s kneecap with a bat, stick him a few times in his backside so he can’t even sit see. Then I’ll bust that pointy nose so that he’ll need a ultra heavy flow Tampon to stop the bleeding, and for good measure a swift kick in the culliones.
Anthony in Union City.
(AKA Citi’s Solution To The Andrew Hall Problem)
A buddy from Citi told me that Vikula came into town for a town hall meeting. Buddy claims Vik came running in to the room, preceeded by cameras, looking like a movie star. He said the room was had an electric vibe. He also said the questions were all softball and that our boy Vik focused on the upcoming 200 years in business mark and what the bank wanted to show the world. Great. My shares will be worthless soon.
I bid $1, Bob.
[...] castle-dweller, who Citi got rid of last year after the public got its panties in a bunch over his $100 million bonus and Vikram found [...]