The Robber Barons got what they wanted. They paid off the captains of their 'Wealth Fare' state and they never reached out for a partnership with their sponsors, The American Taxpayer. Finally, today, the people of the USA are coming to terms with "The Two Americas." We know we have to build our own infrastructure to improve our lives.
This is EXACTLY the problem with returning Republicans to any office. They are corrupt and pledge their allegiance to Wall Street and not Main Street. They only seek to manipulate Main Street to facilitate their own personal wealth and those of their cronies.
It is a huge leap to realize how completely disconnected these two aspects of the USA are, but, it is true. The American people need to remove their indoctrination to Wall Street being necessary to their everyday lives. It isn't. Not by a long shot.
...Still, Citigroup plans to hand out large bonus checks in the coming weeks. Bank employees, on average, took home about $94,000 in pay last year, slightly less than the $96,000 average in 2008. Top investment bankers and traders, however, could receive bonuses worth at least several million dollars. Overall, the bank paid a total of $25 billion in compensation, about 20 percent less than in 2008 although the company has almost 100,000 fewer employees.
As has been the case, losses in Citigroup’s domestic mortgages and credit units overwhelmed gains from investment banking, a trend that is likely to continue. Bank executives set aside another $700 million in the fourth quarter to cover future losses, bringing the total amount of reserves to about $36 billion.
After two years at the helm, Vikram S. Pandit, Citigroup’s chief executive, is facing a crucial year. Mr. Pandit must staunch the losses in the bank’s consumer businesses and shift the bank’s strategy. He must mollify his top managers and discourage bankers and traders from fleeing. All the while, he must address the demands of a multitude of government overseers. Although Citigroup has repaid its bailout money, taxpayers still own 34 percent, as well as preferred stock worth billions of dollars...
