Citi spends $10 million of your bailout money on a new office for Vikram Bandit -- with "soft seating" and blast-proof windows!

lambert's picture

Bloomberg:

Citigroup Inc. plans to spend about $10 million on new offices for Chief Executive Officer Vikram Pandit and his lieutenants, after the U.S. government injected $45 billion of cash into the bank.

Affidavits filed with New York’s Department of Buildings show Citigroup expects to pay at least $3.2 million for basic construction such as wall removal, plumbing and fire safety. By the time architect’s fees and expenses such as furniture are added, the tally for the offices at the bank’s Park Avenue headquarters will be at least three times as high, according to a person familiar with the project who declined to be identified because he’s not authorized to comment. Citigroup said the project will help it save money over time.

Pandit, criticized by lawmakers over Citigroup’s use of U.S. bailout capital, canceled an order for a company jet in January and told Congress on Feb. 11 that, “I get the new reality and I’ll make sure Citi gets it as well.”

Yay! No longer will Bandit have to breathe the same air as the little people!

Plans and instructions for the bank’s contractors, on file with the city, specify the installation of at least one Sub-Zero Inc. refrigerator and icemaker in the renovated space, along with “premium grade” millwork and Madico Inc. “Safety Shield 800” blast-proof window film [Where's the blast going to come from? Outside, or in?]. The project encompasses 17 private offices, each with space for administrative assistants, as well as two conference rooms and open areas with “soft seating,” according to the plans.

"Soft seating...." Make up your own jokes!

NOTE Via LOLfed, which everybody should read when they aren't banging their heads on their desks.

UPDATE Now, I know that 10 million is just a rounding error. But as a revelation of general assholery, it's hard to beat.

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Damon's picture

blast-proof window film

I was asking myself the same question, with the additional question of whether he knows something that we don't. lol "His lieutenants" was also a rather ironic description to use given the mention of blast-proof windows, too.

"Soft seating"? The better/easier to eliminate your position, my dear.

Man, I feel so Citigroped.

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