Citi may spend $10 million for executive suite

[MrPerson]

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=adLGVE_YzvUU

March 19 (Bloomberg) -- Citigroup Inc. plans to spend about $10 million on new offices for Chief Executive Officer Vikram Pandit and his lieutenants, after the U.S. government injected $45 billion of cash into the bank.

Affidavits filed with New York’s Department of Buildings show Citigroup expects to pay at least $3.2 million for basic construction such as wall removal, plumbing and fire safety. By the time architect’s fees and expenses such as furniture are added, the tally for the offices at the bank’s Park Avenue headquarters will be at least three times as high, according to a person familiar with the project who declined to be identified because he’s not authorized to comment. Citigroup said the project will help it save money over time.

Pandit, criticized by lawmakers over Citigroup’s use of U.S. bailout capital, canceled an order for a company jet in January and told Congress on Feb. 11 that, “I get the new reality and I’ll make sure Citi gets it as well.” Of the biggest U.S. banks that received federal aid, only Citigroup has turned to the government three times for rescue. The company, once the biggest U.S. bank by assets and market value, has agreed to limit perks and restrict executive pay.

[tangent90]

1. Vikram Bandit?

Sounds about right...

[sandnsea]

2. They need to live a week in a project

Every damn one of them. No more money until every one of these idiots lives with a struggling family and comes up with a plan to help that family resolve their financial issues. They clearly do not get that the "new reality" is the same old reality many of us have dealt with all of our lives.

[tridim]

3. How about leasing a cheap office park space in NJ

and setting up a few card tables?

Fucking bastards.

[MrPerson]

4. These people are OBSESSED with their trappings

My office furniture is 13 years old and is just fine.

[tridim]

5. Exactly, and it's all wrong.

I've never understood why banks have to be furnished like posh exclusive country clubs.

Banks should be basic, lean and non-profit. I hope that becomes the new way.