Thursday, August 6, 2009

Curious Item #4 -- Citibank's New Business Model

I won't pretend to know what the hell happened with our economy last year (though I have, with the help of alcohol, pretended like I did before). But I do know that Citi was right up there with the worst of the banks, hedge funds and fantasy leagues who essentially made stupid bets and then made bad side bets on those bad bets. If you want to hear people who know what they're talking about explain it, check out the Giant Pool of Money episode of TAL.

So now that Citi has received billions dollars in federal money and somehow posted a 1st quarter profit, how have they changed their business? Curious Question: What is Citi's new business model?

Answer: Envelopes. Lots of them. All of which I've received in about the past 6 weeks.

No, I do not want another credit card. Nor do I want to use this helpful balance transfer check to take the vacation I deserve, renovate my kitchen, or buy a jet ski. Okay, I do actually. Jet skis are kickass. But that's so 2007.

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