Obama Busts Citigroup

[Surfing USA]

Now, Obama has done two things that make me happy. :)

However, this is just one more example as to why we shouldn't be bailing out private industry.

High-Flying Citigroup Grounds Plans for $50M Jet

Obama Aide Called Citigroup to Complain About Jet

By JAKE TAPPER
Jan. 27, 2009

The high-flying execs at Citigroup caved under pressure from President Obama and decided today to abandon plans for a luxurious new $50 million corporate jet (http://blogs.abcnews.com/politicalpunch/2009/01/under-fire-from.html) from France.

The decision came 24 hours after the banking giant, which was rescued by a $45 billion taxpayer lifeline, defended buying the state-of-the-art Dassault Falcon 7X -- one of nine to be flying in U.S. skies -- as a smart business deal.

The jet, the epitome of corporate prestige and privilege, can carry 12 passengers in elegant comfort.

ABC News has learned that on Monday officials of the Obama administration called Citigroup about the company's new $50 million corporate jet and told execs to "fix it."

http://abcnews.go.com/Business/Politics/story?id=6740011&page=1

[Anotherview]

Now, Obama has done two things that make me happy. :)

However, this is just one more example as to why we shouldn't be bailing out private industry.

Surfing USA: Do you think Obama can do anything legally about the officers on Wall Street that collected the hefty bonuses?

[Surfing USA]

Surfing USA: Do you think Obama can do anything legally about the officers on Wall Street that collected the hefty bonuses?If there was no contract that stated they couldn't collect bonuses, then he can do absolutely nothing.

Unfortunately, OUR money has been handed out like candy on Halloween. :(

[Anotherview]

If there was no contract that stated they couldn't collect bonuses, then he can do absolutely nothing.

Unfortunately, OUR money has been handed out like candy on Halloween. :(

I was afraid of that. I just can't believe he (Bush) would sign his john hancock to a bill for $325 Bill with no stipulations. Something is wrong somewhere :(

[Surfing USA]

I was afraid of that. I just can't believe he (Bush) would sign his john hancock to a bill for $325 Bill with no stipulations. Something is wrong somewhere :(It appears as though history is about to repeat itself, only on a much larger scale. :(

[Anotherview]

It appears as though history is about to repeat itself, only on a much larger scale. :(

Yes, but at least the taxpayers will enough some part of the expenditure

[Jazz]

Surfing USA: Do you think Obama can do anything legally about the officers on Wall Street that collected the hefty bonuses?

I heard this morning that the "bonuses" in question were actually 50-75% of the compensation that most employees received ... and would actually be what most people would consider commission. If that is correct, then that is actually money the employee earned. Please don't think that I agree with all of this bail out crap because I don't. I just think they need to make it clear is it commission or is it a bonus. :confused:

[Dougles]

I was afraid of that. I just can't believe he (Bush) would sign his john hancock to a bill for $325 Bill with no stipulations. Something is wrong somewhere :(

Don't forget their were also another 526 John Hancock's on this bill to (including Obama's).

If their are their commision checks than everyone should be quiet about it. I work on 20% commision and the area i cover is doing very well so my last quarters commision will be pretty good. however the group next to me wont' get anything because their biz is way down!

I think people forget that even if a company is down by 30%, it doesn't mean EVERY part of that company is down 30% and their may be parts that are still growing and prospering!

[Anotherview]

Don't forget their were also another 526 John Hancock's on this bill to (including Obama's).


I think people forget that even if a company is down by 30%, it doesn't mean EVERY part of that company is down 30% and their may be parts that are still growing and prospering!

Dougles: This isn't necessarily true . Take a manufacturing firm for example.
If sales are down, manufacturing, shipping, customer service calls, etc are all down. I presume you work for a company that sells a service?

[Anotherview]

[QUOTE=Jazz;441918]I heard this morning that the "bonuses" in question were actually 50-75% of the compensation that most employees received ... and would actually be what most people would consider commission. If that is correct, then that is actually money the employee earned. Please don't think that I agree with all of this bail out crap because I don't. I just think they need to make it clear is it commission or is it a bonus. :confused:[/QUOTE

Jazz: Thank you for posting. I feel a little bit better hearing this. I worked in sales where I had a smaller base pay and most of my income relied on commission so this makes sense.

[Dougles]

Dougles: This isn't necessarily true . Take a manufacturing firm for example.
If sales are down, manufacturing, shipping, customer service calls, etc are all down. I presume you work for a company that sells a service?

Nope, well we do sell services, but it makes up maybe 50 million of our 35 BILLION in annual sales!

[Anotherview]

Nope, well we do sell services, but it makes up maybe 50 million of our 35 BILLION in annual sales!

35 Billion in Sales Annually - Well it sounds like you're in a secure position :)

[Enough]

All that money in commission in a "down year"..... :confused:

Hate to see what their commission is like in a good year! :D

[Anotherview]

All that money in commission in a "down year"..... :confused:

Hate to see what their commission is like in a good year! :D

When investors transfer their high risk funds to a more secure investment, the stock broker gets a commission.