Citigroup May Spend $10 Million for Executive Suite (Update2)

[Black Swan]

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.

snip

Plans and instructions for the bank’s contractors, on file with the city, specify the installation of at least one Sub-Zero Inc. refrigerator and icemaker in the renovated space, along with “premium grade” millwork and Madico Inc. “Safety Shield 800” blast-proof window film. The project encompasses 17 private offices, each with space for administrative assistants, as well as two conference rooms and open areas with “soft seating,” according to the plans.

http://www.bloomberg.com/apps/news?pid=20601087&sid=adLGVE_YzvUU&refer=home

Are these bailout recipients just pushing the American people to madness or what?  Can't they push their desks together and move on?  LOL

[rich_t]

Are these bailout recipients just pushing the American people to madness or what?  Can't they push their desks together and move on?  LOL

It's all an evil plot to allow Obama and crowd to clear the way to socialism.

[Black Swan]

They are going about it in a funny manner because what these recipients are doing is pissing off the American people.  Yes, I know "the one" wants to create class warfare but I am somewhat confused as to how I think on this whole issue because I am pissed too. I do not believe in the bailouts but I don't believe we should be telling people how to do business either.  Yet, they are taking our money and squandering it.  I think we have been had by the bankers who I believe are predominately Democrat and voted for this fool.  When we are broke these will be the ones with money and will buy up all our property except for what China owns.  Tell me where I am going wrong.  Tell me how they are gonna get rid of the 3/4 quadrillion in derivatives around the world that some continue to surface each quarter?  Is it possible to continue to print and spend into infinity?  This bill is so big how will any generation(s) ever be able to pay it off?  Or are we already done for and socialism has arrived with communism on its heels? 

[Hawkgirl]