Date: April 11, 2007
Time: 21:21
Place: On solid ground
Chuck ->Prince<- is a drama ->queen<-. For those of you who don't know and hadn't guessed, he is the CEO of Citibank under whose guidance the past 4 years the stock has stayed basically flat. He made this huge point of telling the investment world, which perks up whenever he coughs badly or eats oysters in a month with an "r" in it, that he was going to make all these operating cuts. He would make the big announcement today. One would think this was well planned and all the specific notifications would be made throughout the company today in a coordinated fashion.
Every on e-mail got the 3 paragraph "vision statement" fluff from Chuck but that was about it. No specific detail was given to anyone as far I can tell. People spent most of the day talking about what might happen. Of course, productivity soared. Morale jumped from the mountaintops to the ionosphere.
In truth, the financial press from Barron's last year to the NY Post a few weeks ago has been fairly unanimous. There's really only one layoff they are interested in and that is Chuck himself. He reminds me of the pig on the lifeboat. Everybody else is convinced that he should be bacon, but the pig feels otherwise.
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