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The Bounty

4/18/2012

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When pay for performance is in place, it is a common that the blinds must be lowered to keep from public view.  Much like the Saint's football "bounty", hedge funds are funded by players who bet on downfalls as much as they do on performance.  Once investigated, they deny any knowledge of wrong doing.  Just as the blinds were pulled on the Warner / Favre bounty, so have they lowered on Vikram Pandit's low performing hedge fund that was acquired by Citigroup. 

In March of 2006, three men started the hedge fund Old Lane LLC.  One of three, Vikram Pandit has since been named Citigroup's CEO.  In 2007, Citigroup welcomed aboard Pandit with the $800 million purchase of the hedge fund.  From the deal, $165 million lined Pandit's pockets.  Since late in year of 2008, this fund has been out of public view.

At the end of 2007, Citi Capital Advisors managed $59 billion in high risk investments; this would include hedge funds, private equity pools, and real estate.  As of February 2012, the figure has dropped to $18.9 billion.  Since Citi Capital Advisors have not shared their performance details with the public since 2008, it is hard to say if the drop was derived from losses or sold assets.  It would be a safe bet however to say the change came from losses, as the majority of Citigroup's hedge funds have been said to underperform.

In an interview with CNN on October 21, 2011, Mr Pandit discussed how they emerged from their 2009 collapse.  "The most important thing is we're back to the basics of banking."  Unfortunately for the client, the basics tend to result in high fees for the consumer and large compensation for the top executives.  Thanks to the Dodd-Frank reform, shareholders get a vote on Executive pay.  This reform was put into place at the time of the bail outs; the terms had to be agreed to in order to receive the TARP funds.

On February 20, 2009, Citigroup's stock opened at $2.20.  On April 17, 2012, Citigroup's stock opened at $34.82.  Based on Citigroup's performance, Vikram Pandit asked share holders for a raise.  The compensation he sought was valued at $15 million.  The compensation requested by Citigroup's executives was thought to be fair in their minds, as Pandit had agreed to a salary of $1 a year until the financial giant returned from red to black.  Many shareholders found the request to be a bit obscene, and rejected it in a shareholder's meeting on April 17, 2012.  Don't shed too many tears for Vikram Pandit; when considering the sell of his hedge fund with salary and rewards throughout all his years with citigroup, he has raked in hundreds of millions of dollars in compensation since he joined Citigroup in 2007. 
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"We The People"

4/4/2012

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Should there be an alteration to the fourth amendment?  The bill of rights was written such a long time ago by our founding forefathers.  With today's technology, how can anyone argue they have a right to privacy or security within their own person?   What is probable cause, and is it really necessary?  Where does the Supreme Court stand on this topic?

One can't expect privacy on a phone call if they asked an operator to connect them.  DNA couldn't be considered private if someone left it behind.  If a camera has a zoom lens that can be used from a public area to learn a little more about an individual in their private area, that's hardly an invasion.  With each new technology that is introduced, our expectations of privacy become less reasonable.

Former head of the National Security Administration, Michael Hayden, once argued that if anyone knew and followed the fourth amendment it was the National Security Administration, and nowhere in the fourth amendment does it say anything about probable cause.  One may consider it an encouraging sign that he is no longer the head of the NSA or the CIA, unless they take into consideration the Supreme Court's view of the fourth amendment. 

In a recent 5-4 decision regarding strip searches in minor offenses, it appears the Supreme Court does not wish to uphold the 4th amendment.  Ruling in favor of the system, they claimed "who are we to second guess the police?"  They have also brought to our attention that some well known terrorists had minor offenses before they were deemed guilty of major ones.  Look at Timothy McVeigh; he was caught driving without a license plate.  One might consider an attempt to disguise one's identity as probable cause.  In the case of one who carries with him papers stating the warrant is not valid, because he has become accustomed to being arrested for something that is invalid, is his case really comparable to a serial killer attempting to hide is identity?  The Supreme Court says "Yes."

Perhaps it is time to rewrite the fourth amendment of the constitution.  Our nine justices can sign their John Hancock's to it, and then place it on display within the Museum of National Archives.  The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall [word omitted] be violated, and no Warrants shall issue, [section omitted/new add - without the signature of a county clerk].

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    Author

    My banter was on current affairs and ran from 2011 - 2016. I currently enjoy writing satire and horror shorts.

    I chose themes to run against each current event to bring some entertainment to my Banters. I began writing the banter in February 2011, and wrote my last in February 2016.

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