Translating “Bankerese…..”
This is pretty funny and I hate to say it, probably pretty accurate…..
Translating Citigroup’s CEO | The Big Picture
By Barry Ritholtz – December 19th, 2009, 3:00PM
Charlie Peabody of Portales Partners “deconstructed” an internal memo of Vikram Pandit, Citi’s CEO, on the bank’s repayment of the TARP loan:Citigroup: “Today we announce a series of transactions to repay the $20 billion of TARP outstanding and terminate the asset guarantee we received from the U.S. Government.”
Translation: I am sick of working for $1 per year.
Citigroup: “Today we are strongly capitalized…”
Translation: We have diluted the shareholders by a factor of six.
Citigroup: “… efficient…”
Translation: We have cut the company in half.Citigroup: “…and created a strong foundation for the future.”
Translation: We are working on a strategy.
Citigroup: “There are still economic challenges ahead…”
Translation: Forget about any kind of bonus.Citigroup: “Over the past few months, I have visited many of you in the U.S and around the world…”
Translation: I am trying to avoid the home office.
Fun stuff!
Technorati Tags: Citigroup, Banks, Wall Street
