$55 billion is less than the cost of color photocopies.
Bloomberg.com reports that Citibank, the bank that has suffered losses of $55 billion in the subprime crisis is cutting down on color photocopies to keep control on expenses. The Bank also dismissed 14,000 employees in the first half of this year, for the sake of keeping losses down.
Now, I do think that the old maths was better. If citibank had dismissed a few dozen of the greedy, they could be enjoying color photo copies, while the world could be saved from a recession. If....
That's not all. The financial wizards are really going through hardships. Citibank has also said that business meals must not exceed 50 pounds (Rs 4000/-) per person. Surely, it is the duty of the world to keep these financial big wigs in the style they are expecting. This is almost like socialism! What next ? In these difficult times, the banks will now demand that taxi rides should be pre-approved. Well, this wish has been granted by Deutsch bank which now asks its financial wizards to take approval before taking a taxi.
Thankfully, not all financial brains believe that people are equal. Countrywide, the loan finance company that went bankrupt, paid its CEO, Mozillo, a sum of $110 million as severance pay to ask him to leave the bankrupt company. That's New Maths.