Remember how we had to prop up the lending industry before they suffered a devastating collapse? Apparently one of the emergencies facing at least one lender was that their offices were suffering from an outdated decor: [Thanks L!]
Citigroup, which took $45 billion from the government’s Troubled Asset Relief Program, also defended spending $10 million to renovate executive offices at its Park Avenue headquarters, saying the project will save more than it costs.
Thank heaven we provided the funds to avert that disaster!
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Let’s be fair.. maybe they had neon green shag carpeting. That’s almost a health hazard!
In the article:
“On February 11, Pandit…told Congress he had cut his own salary to $1 a year. “I get the new reality and I will make sure Citi gets it as well,” he said.”
Oh please. Everyone knows that these (censored) make their money on bonuses and not salaries. Does he really think he is fooling anyone? The day he gets the “new reality” is the day he’s fired and his bonuses are clawed back.
http://globaleconomicanalysis.blogspot.com/2009/03/yet-another-incompetent-treasury.html
Learn to ‘grok’ laughter.
Well…
In defense, they are moving from occupying 2 stories of exceptionally large offices to 1 story of moderately large offices. Every company spends money to build out offices. Even a minor remodel for a few thousand square feet of office space could run a few hundred thousand. Put that at your corporate headquarters in Manhattan and you’re going to spend a few million.
I have problem with that, personally.
chuck