If Citigroup goes belly up, we are all into a really bad 2009.
So here’s what you, Vikram Pundit, CEO of City, need to do. It is what all Start-Up CEOs are doing these days, and you should do it too:
- Your salary is already at $1. Great.
- Cut the salary of anyone who reports directly to you by 50%, and no bonuses as well. Exclude your secretary.
- Cut the salary of anyone who reports directly to those who report directly to you by 40%, and no bonuses as well. Exclude their secretaries.
- Continue on until everyone’s salary is cut by at least 20% , and no bonuses. Do not touch the salary of any of the secretaries and adminitration people (including cleaning).
- Personally call your top 10 vendors in terms of cost and renegociate – lower them all by 40%. Start with lawyers, then PR/Marketing, etc.
- Have every other executive who retains services from vendors to do the same.
- Have someone cut all travel expenses by 50% – start by banning employees to travel to 5 star hotels.
- Sell all non-core business. fast.
Any employee who doesn’t like this plan can go search for other job. He or she won’t find one.
You have our money now, even if we chose to bank to with others, curtesy of the U.S. Governmnet. So act responsibly.
The Worried Tax Payer.