Wall Street's war against Christmas continues. Today Citi informed employees that it was canceling the bank sponsored holiday parties. Managing directors at the bank have been urged to donate money that would have been spent on the holiday parties to charity. The bank says the move acknowledges "the many many people less fortunate than ourselves this holiday season."
Citi joins Merrll Lynch, Morgan Stanley and Lazard on the list of firms that are trying to make winter colder and darker. The parties are victims of the Wall Street bailout. The firms are strapped for cash but these parties are a negligible expense in the larger scheme of things. Rounding errors in a world of mulit-billion write downs. But the flak that they've been catching for compensation and bonuses has Wall Street running scared. The last thing the managers at Citi wants is for Congress or the media to say they are buying champagne and canapes with taxpayer money.
We're expected a lot more of this kind of thing in the coming months. If your firm cancels its party, please send us an email or text us at 646-526-FEAR.
Earlier: The End Of The Holiday Party
Note the stock of Citibank is under $11. a share! and still falling, as is Goldman Sachs.