Citigroup goes through with headquarters renovation, says it will save money in long run
NEW YORK (AP) -- Citigroup is going through with more than $3 million worth of construction at its corporate headquarters in Manhattan. The bank says the renovation will save $20 million in the long run. Top executives currently working on two floors will be consolidated in "smaller, simpler offices on a single floor," Citigroup said....There are so many things wrong with this article I don;t know where to begin.
...."They're still living in the pre-2008 era," Bhagat said. "They still don't get the message."
The bank, which has been planning the renovations for months, is paying $3.2 million for basic construction, including wall removal and fire safety systems, according to filings at the New York Department of Buildings. The total cost could end up being higher, though, after fees and other expenses -- other media reports estimated the cost of the renovations at $10 million....
1) Wouldn't you think this will stimulate the economy? Somewhere there are contractors who will be paid $10 million dollars on Citibank's "infrastructure" improvements. Isn't this what they want?
2) This is a consolidation effort. Wouldn't this mean a smaller "carbon footprint?" (Whatever the hell that is...)
3) Why should anyone be upset? The bailout bill (TARP 1) which congress approved gave the Treasury Department complete authority over the money they were to dispense.
If they did not want the money to go to renovations, airplanes (another economic stimulus as far as I am concerned) or bonuses (ditto on the economic stimuli), maybe CONGRESS should have spent a little more time crafting the legislation. Maybe, just maybe, had they spent, oh I don't know, 48 or maybe 72 hours crafting the bill, then actually reading it, they would have the right to be outraged.
As it stands, I'd say the White House (who specifically asked for the bonus' to be included) and the congress ought to keep their mouths shut and get on with the business of trying to fix the mess they created.