June 24 Biz Minute

Citigroup is increasing the base salaries of many employees — reportedly by as much as 50 percent for some workers — as it restructures their compensation amid government restrictions on bonuses. Citi and the other companies who still hold bailout funds face limits on bonuses as part of a new government compensation oversight plan.
Drugstore operator Rite Aid Corp. said today it narrowed its fiscal first-quarter loss by closing stores and trimming costs, as it works to eliminate $6 billion in debt. The company is planning to close about 117 stores by the end of its fiscal year, and also is seeking rent concessions from landlords of hundreds of unprofitable stores. It has shifted some salaried jobs to hourly wages and is shipping products to poorly performing stores only every other week.
Orders to U.S. factories for manufactured goods surged in May for a second straight month, and a gauge of business investment rose last month by the most in nearly five years. Yet new-home sales fell unexpectedly last month. Economists said today the two reports painted a picture of an economy no longer in free-fall, but still unable to mount a sustained recovery from the longest recession since World War II.
Ford Motor Co aims to cut the number of its parts suppliers by almost half by the end of 2009 as the only U.S. automaker to avoid bankruptcy attempts to shore up its supply base. The No. 2 U.S. automaker, whose purchasing budget runs to about $90 billion annually, said it wants to work with a smaller number of healthier suppliers and plans to reduce its supply base to 750 companies in the long term.
AAA predicted today that economic instability will trump cheaper gas this July Fourth holiday, with more people choosing to stay home rather than hit the road. While gas prices are below last year's levels, AAA says the economy, particularly the rising unemployment rate and sagging personal incomes, will leave more people opting not to travel this year.

Category:

News & Politics

Tags:

• Citigroup
• Rite Aid
• Ford Motor Co
• AAA
• July Fourth
• gas prices
• economy
• factories
• business investment
• economists

[pig5689]

These executives of banks, insurance & mortgage & brokerage companies just don't get it! They're slutwhores who steal from innocent, hard-working families! They are loathsome & they suck! What goes around comes around & someday soon these executive shitters will regret ever even putting on a suit & tie! Everyone's nauseated by this devilry these execs have performed! They need to be rounded up like animals & brought to justice & pay for their crimes of theft & economic terrorism! Disgusting!

[pig5689]

The New York AG issued a report yesterday detailing how Citigroup paid 5.33 billion in bonuses for 2008. 738 of their execs (slutters) received over 1-million each. We're all sick to death of this unholy greed. These incompetent executives are beyond shame! The life savings & incomes of millions of innocent, hard-working families has been destroyed by Citigroup execs incomprehensible lust for money! Please post the names, ss numbers, addresses, etc. of these whores so we can pay them a visit!