The Cutting and Slashing Continues...
The company got a possible lifeline this month with a tentative deal to cut wages of union workers further. If approved, the pay of some 35,000 union members will be cut by an additional 5 percent -- following a 10 percent pay cut earlier this year. That will save the company $45 million to $50 million per month.
NEW YORK (AP) -- Citigroup Inc., one of the biggest recipients of U.S. government bailout money, gave employees $5.33 billion in bonuses for 2008, New York's attorney general said Thursday in a report detailing the payouts by nine big banks.
It should not be too longer now...pretty soon we will have cut so much, there will be not much left to cut. Just wait until the city, county and state budget cuts kick in over the next few weeks.
I spoke with a local government analyst this evening....revenues are continuing to evaporate consistent with my recent links. A primary place being cut is services to the elderly and poor. I asked her if there is any safety net for these people....and she was unaware of any and wasn't sure how they will compensate.
What happens to America when millions upon million of its poor lose funding and there is not a safety net or social structure to absorb them?? Then add in tens of thousands of police officers being released, courts shutting down, and thousands of prisoners being set free with little prospect of jobs.
Somebody better wake up soon......or it will be too late.
Prepare....9.09 seems to be the time.