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Citigroup plans to spend your money on executive suites
March 20, 2009 9:55 AM

Citigroup spends your money on lavish executive suites The headline on Bloomberg.com jumped off the screen: "Citigroup May Spend $10 Million for Executive Suite."

In these times of TARP, when public anger at AIG and moaning about Merrill Lynch have pushed D.C. politicians to heavily tax bonuses to investment-industry poo-bahs and spartaneity has emerged as a frugal-lifestyle counterpoint to excess and greed, you'd think a company whose stock has ranged from a high of $27.35 to a low of 97 cents over the past 52 weeks (it closed at $2.60 on March 19) and which has received billions in bailout money wouldn't spend so lavishly on New York City offices for its execs.

Especially a company whose CEO, Vikram Pandit, uttered this statement about not splurging on perks like a corporate jet when appearing before Congress last month: "I get the new reality and I'll make sure Citi gets it as well."

But since it looks as if the office project is in full swing—paperwork has been filed with the city's Department of Buildings, according to the Bloomberg.com—we suggest that the company's designers and contractors buy the best-value, longest-lasting appliances and materials for the new digs, which are supposed to include Sub-Zero refrigerators (the Gulfstream V of fridges?). Suggested reading:

Appliances Hub
Energy-Saving Guide
Home & Garden Hub
Home Improvement Guide
Kitchen-Planning Guide

They'll need a subscription to ConsumerReports.org to get access to our exclusive ratings and brand-repair history, but they should be able to find a few extra bucks from the tens of billions the public has given Citigroup already.—Steven H. Saltzman

Essential information: Visit DefendYourDollars.org for more details on the bailout.

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