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Translating Citigroup’s CEO

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By Barry Ritholtz - December 19th, 2009, 3:00PM

Charlie Peabody of Portales Partners “deconstructed” an internal memo of Vikram Pandit, Citi’s CEO, on the bank’s repayment of the TARP loan:

Citigroup: “Today we announce a series of transactions to repay the $20 billion of TARP outstanding and terminate the asset guarantee we received from the U.S. Government.”

Translation: I am sick of working for $1 per year.

Citigroup: “Today we are strongly capitalized…”

Translation: We have diluted the shareholders by a factor of six.

Citigroup: “… efficient…”

Translation: We have cut the company in half.

Citigroup: “…and created a strong foundation for the future.”

Translation: We are working on a strategy.

Citigroup: “There are still economic challenges ahead…”

Translation: Forget about any kind of bonus.

Citigroup: “Over the past few months, I have visited many of you in the U.S and around the world…”

Translation: I am trying to avoid the home office.

Fun stuff!

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Source:
More Than an Uptick?
ALAN ABELSON
Barron’s, December 21, 2009

http://online.barrons.com/article/SB126118067457297863.html

PERMALINK
Category: Bailouts, Humor.

Comments

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

7 Responses to “Translating Citigroup’s CEO”

  1. hue Says:
    December 19th, 2009 at 3:41 pm

    share the wealth, or poverty. there are four citi shares outstanding for every single person on earth http://bit.ly/4OfcBm
    OT, the 41 mug http://bit.ly/7bwpA7

  2. Citigroup gains huge tax break in deal with IRS » The Business Content - Just another WordPress weblog Says:
    December 19th, 2009 at 3:42 pm

    [...] the benefit of Citigroup and a few other companies partially owned by the government. As a result, Citigroup will be allowed to retain billions of dollars worth of tax breaks that otherwise would decline in [...]

  3. bsneath Says:
    December 19th, 2009 at 5:58 pm

    It looks like Citi is one sick puppy. We don’t hear much from Mr. Ruben these days…….

  4. Calvin Jones and the 13th Apostle Says:
    December 20th, 2009 at 11:28 am

    bsneath:
    It’s Rubin.

  5. kmckellop Says:
    December 20th, 2009 at 11:58 am

    RE: Citigroup: “There are still economic challenges ahead…”

    Like paying back the US Taxpayer for covering Citi’s Saudi Oil speculation losses.

    http://www.youtube.com/watch?v=B1HmVtMG1ag

  6. TakBak04 Says:
    December 20th, 2009 at 9:18 pm

    Crumb’s OPUS…Color Version with more about what he saw…

    http://islandbreath.blogspot.com/2009/08/kunstler-digs-crumb.html

    It’s quite lovely…and profoundly sad…at the same time.

  7. ToNYC Says:
    December 21st, 2009 at 4:42 pm

    If it’s Rubin, it’s Robbin’ the rubes.

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