Monday, November 26, 2007

Citigroup Will Soon Shed Jobs

Once again the middle class will pay for the mistakes of those making millions.
Citigroup Inc., bracing for big credit-related losses in the fourth quarter, is looking to lower costs -- which could mean another round of job cuts at the nation's largest bank.

"We are engaged in a planning process in anticipation of our new CEO, and our business heads are planning ways in which we can be more efficient and cost-effective to position our businesses in line with economic realities," said Citi spokeswoman Shannon Bell.

She was responding to a report on CNBC that "massive" layoffs were planned.
Do you think these workers will be afforded severance packages like the executives that have driven Citigroup into the ground? The Citigroup example is just another in a long line that says failure at the upper levels of big business are meaningless to those that caused the failure.

Every day we hear more and more about the subprime crisis and its announced that those at the top are "Resigning". With every announcement comes word of their multi-million dollar golden parachute and word of layoffs.

Where can I get a job that would pay me millions to screw up? What do we tell the children? Do we tell them that the rules are different for those at the top? What kind of a message are we sending when incompetence is rewarded and those who worked hard and played by the rules are penalized for the actions of those multi-millionaires at the top? Isn't it time that we demand equal treatment for all?

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