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

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]


Don't Even Think About Bringing Your Phone Or A Pencil Sharpener To The CFA Exam, But Rollerblades Are Fine

Don't question the Institute's seemingly arbitrary rules. In fact, don't question the Institute period.

Larry Robbins Isn't Sure, But He Thinks A Giant Tuna Tried To Kill Him

He shared the harrowing tale with investors this month.

Citigroup Investors Don't Care About Making Vikram Pandit Smile

[caption id="attachment_73871" align="alignleft" width="234" caption="Y'all can kiss this ear to ear grin good-bye"][/caption] In the spring of 2010, almost exactly two years ago to date, the New York Times reported that some of Vikram Pandit's top lieutenants had noticed "a new bounce in his step" and "a smile on his face," with one executive speculating that the Citi CEO's cheer could be attributed to the fact that he was starting to "see the day when he will earn more than $1 a year" within reach. On January 18, 2011, that day came. After essentially not receiving a salary since 2008, when he pledged to abstain from getting paid until Citi turned a profit, the board of directors approved "an increase in the annual rate of base salary for Vikram from $1 per year to $1,750,000 per year, effective immediately." It felt good. Really good. Know what doesn't? This crap. Citigroup investors rejected the bank’s executive pay plan, a first among the six largest U.S. lenders, amid criticism it lets Chief Executive Officer Vikram Pandit collect millions of dollars in rewards too easily. About 45 percent of the votes favored the plan, which Citigroup had argued would help attract and retain top talent, according to a preliminary tally at the New York-based firm’s annual meeting in Dallas today. While the vote isn’t binding, outgoing Chairman Richard Parsons said changes will be made. Citigroup Shareholders Reject Management’s Compensation Plan [Bloomberg]