Citigroup Laughs In The Face Of John Thain's Mistakes
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.* Bloombergreports 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?
