Posted By: Dr. Frugal in Loans on 01/18/2008 at 06:32:15
Citigroup is slated to cut up to 24,000 jobs while trying to make up for the $18.1 billion write-off that it will be announcing today. Had they consulted with me first, I would have of course warned them that making the subprime market their workhorse was probably not a good idea but they elected to go forward without my sage advice and just look what happened.
I'm always stunned to imagine the boardroom conversations of "We're going to get 30% interest!" with likely a lone dissenter interjecting "but we're only going to get the money like 1% of the time..."
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