Cramer’s Remorse, IV: “Citi Under Siege”
This installment of Cramer’s Remorse doesn’t mention Obama by name, but nevertheless looks ruefully at one of the (un?)intended consequences of policy.
Jim Cramer starts right off this time with the money quote:
If you wanted to make it Citigroup so never gets out from under, you would do exactly what the government is doing.
Most of the rest of his piece today focuses on how horrible it must be to be an employee there. No promotions, no raises. No ability to entertain clients. Flat out, no ability to win business from other financial institutions.
And if Cramer’s view of life at Citi may be speculative, I have at least one firsthand report to back it up. I have a friend who, at least last I heard, works at Citi as a paralegal. A couple of years ago she tried to get me hired there; in retrospect I’m glad she failed. Just after the big federal investment in Citi I tried to kid her about being a government employee now. She wasn’t finding it all that funny. She described seeing managers just walking around almost zombie-like, powerless yet under the gun nevertheless.
And that was months ago. Cramer says morale there today must be “terrible, beyond belief”. I can tell you he’s not just whistling “For The Love of Money”.
Cramer sums up his piece by saying that he’s probably doing himself no favors by pointing out how much of an absurd travesty all of this is. One more sign that he’s starting to get it.