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Apr 182008

Mumbai’s cattle cars a.k.a. commuter trains have killed over 20,000 people in the last five years, according to local railway officials in this teeming metropolis.

Mumbai Train

Worse than Nazi era cattle cars transporting Jews to the tragic  final solution, Mumbai’s commuter trains carry seven million people everyday with people clinging on to the sides and many sitting precariously atop the train during rush hour because there’s just no space inside the train.

These killer trains take the lives of at least 10 people a day, railway officials say.

And you whine that the New York subway is dirty and dangerous.

Apr 182008

Desi Butcher Vikram Pandit, Citigroup CEO, is throwing 9,000 employees on the streets on top of the 4,200 jobs the embattled bank has already cut recently.

As usual, the new round of job cuts are also attributed to expense management.

And did we tell you that Vikram Pandit, like the proverbial pig at the trough, took $26.7 million in stock (1.094 million shares) on January 22, 2008, according to the bank’s regulatory filings with the Securities and Exchange Commission.

Citigroup also announced Friday a writedown of $202 million in the value of Continue reading »

Apr 182008

The Desi Butcher Vikram Pandit-led financial mess Citigroup reported a hefty loss of $5.1 billion on revenues of $13.2 billion in its first quarter ended March 31 and will throw another 9,000 employees on the streets.

On a conference call with analysts, Citigroup CEO Vikram Pandit acknowledged:

To start with, we’re not happy with our financial results this quarter although they’re not completely unexpected given the assets we hold.

Who would be happy with these crappy results? Reaching a new acme of greed, grasping Wall Street pigs in top positions have taken home hundreds of millions of dollars and ultimately left investors and employees holding the bag when the inevitable crash came.

Results include $6.0 billion in pre-tax write-downs and credit costs on sub-prime related direct exposures, write-downs of $3.1 billion on funded and unfunded highly leveraged finance commitments, a downward credit value adjustment of $1.5 billion related to exposure to monoline insurers, write-downs of $1.5 billion on auction rate securities inventory, and a $3.1 billion increase in credit costs in global consumer.

Revenues fell 48% year-over-year because of Continue reading »