NY Post Wants Citi Board to Quit

Jen Chung

Published Nov 25, 2008

Modified Nov 25, 2008

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Jen Chung

Published Nov 25, 2008

Modified Nov 25, 2008

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With the feds coming to Citigroup's rescue with a $20 billion investment and $300+ billion in asset-backing (not to mention the $25 billion it got from the first $700 billion bailout), the NY Post calls for the heads of Citi's board. With a graphic detailing board members and their compensation, the Post writes, "Blame abounds, but most of it must accrue to the Citigroup directors - the men and women paid well to make corporate policy, and to oversee its proper execution... At best, they snoozed through the company's massive build-up of bad debt and rancid security instruments," with many shots aimed at former Treasury Secretary Robert Rubin, who has made $107 million from Citi since 1999. Related: The NY Times's "Saving Cit May Create More Fear" article notes the new bailout might "encourage banks to take more risks in the belief that the government will step in if they run into trouble."