Wednesday, April 29, 2009

From Bailout to Payout - Citigoup.

Another slap in the face to the taxpayer - Citigroup wants to hand out bonuses to certain workers, after receiving $45 billion to save their asses.
They, at least, provide two excuses, er, reasons:
1.They need to pay retention bonuses to demoralized workers. (Huh? Having a job should keep them moralized.)
2.Inability to pay will make them vulnerable to poaching by competitors. (Ditto on the 'Huh?'. What competitors? What jobs?)
When do they not get a bonus? Times are good - bonus. Times are bad - bonus.
I keep up on the news and current affairs, and do not recall any poaching going on in the banking industry or any industry, for that matter. (An example of poaching would be nice.) It's called getting a new job. (I started one recently and I wasn't poached. I was offered the position and accepted.) As well, people accept new positions all the time, regardless of the economy. And, don't forget the thousands that were laid off. Any business would love to be in that position. Get rid of a huge salary and bring in someone who will do just as good of a job, but for less dollars. These companies should be using this time to 'thin the herd' and increase the quality of their workforce. The pool of candidates must be immense.
We have to do away with these myths/excuses/reasons and other BS thrust upon us by people in this industry and related industries. They feel they are above reproach and their intellect is so superior, that we (the masses) shouldn't question their motives, decisions or actions. Look where that got us.
Everyone, and I mean everyone, is expendable.

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