Who would have thought things would come to such a pass?
Back in the late 1990s, selling a single Citigroup share was enough to take your family out for dinner at a nice Indian restaurant in New York City.
But times have changed. And boy, how they have changed.
Forget dinner for your family.
Today, a single Citigroup share won’t even buy you one full Garlic Naan at most Indian restaurants in NYC. Maybe a pappad.
Are you listening Vikram Pandit?
Citigroup shares fell 22.3% to $1.95 on Friday.
Given that a Garlic Naan costs $3.95 at a NYC Indian restaurant like Dhaba these days, you can buy two Citigroup shares for the price of a single Garlic Naan.
About 10 years back, you could get more than 18 Garlic Naans for the price of a single Citigroup share (Citi shares closed at $54.19 on February 19, 1999 and we assume Garlic Naans were about $2.95 in NYC those days).
At Citigroup’s current shareprice of $1.95, you’d probably need 40 or 50 Citigroup shares to buy your family dinner at a nice Indian restaurant in NYC today.
What went Wrong?
Greed (aided by deregulation and malign neglect of the government) has brought us to this sorry pass.
Hyper-Greed not just on the part of the swines on Wall Street but also sordid gluttony on the part of normal folk on Main Street for unaffordable McMansions, vacations in Bahamas, weekends in Las Vegas and cruises along Alaska.
End Result of this Hyper-Greed – The Great American Depression.
Don’t be surprised if in the near future it takes 5 or 10 Citigroup shares to buy a single order of Pappad (currently $1.95) at a NYC Indian restaurant.
Citigroup Lost $18.72b in 2008; Greedy Desi Pig Vikram Pandit Took Home $1m
Obama Says â€˜Noâ€™ to Vikramâ€™s New Toy
Vikram Pandit Butchers 73,000, Buying $50m Jet
Vikramâ€™s Goose Cooked? Citigroup Shares Plunge, Again
Citigroup Shares Plunge 23%; Panditâ€™s Days Numbered?
Desi Butcher Vikram Pandit Massacres 50,000
Vikram Pandit & Shitty oops Citi Shares
Desi Butcher Vikram Pandit Calls $2.5B Loss Progress
Desi Butcher Vikram Panditâ€™s Hedge Fund Screwed
Desi Butcher Vikram Pandit To Fire 9,000 Citi Employees
Vikram Panditâ€™s Citi Loses $5.1b; Revenues Fall 48%
Desi Butcher Vikram Pandit gets $26m
Who is Vikram Pandit?