Citirgoup announces it will significantly cut its workforce, while pirates who hijacked a crude oil tanker off the coast of Kenya approach a Somali port. Following are today's top videos:
Citi of the Future
“[Citigroup’s ] stock is marginally higher—and that’s the big question today. Why despite the fact that they’re cutting 50,000 jobs in the next few months, their stock has been rising further and higher. There are two theories…”
—Charlie Gasparino, CNBC Business News
No to Golden Parachute
“I’m not going anywhere but when I leave, I plan on leaving under good terms and retiring and I don’t plan on doing that any time soon. But when I talk about pay-per-performance, I just didn’t feel like that a golden parachute was proper in my particular environment after 19 years, because I plan on continuing to perform well and I wouldn’t leave under those circumstances…”
—Daniel Amos, Chairman & CEO, Aflac
Sirius Star Oil Tanker
“The ship right now currently nearing an anchorage off the coast of Somalia. It is currently under the pirates’ control. We don’t have specifics as to what they’re looking for right now, but typically, what we see is that the pirates are after ransom…”
—Nathan Christiansen, Deputy Commander, U.S. Navy
Look for Commodities Super Cycle In 2010
“First of all, if one looks at the foreign exchange markets, I think one has to stay long on the dollar against the euro and the pound and assume that any turn around in the dollar is going to be delayed until the second quarter of next year. Secondly, on commodities, we’d be negative on commodities since May of this year…”
—Parker, Vice Chairman, Credit Suisse Asset Management
Stop Trading, Listen to Cramer!
“[Russia] is not an easy market to invest in…Normally, I would say: why don’t you go buy Wimm-Bill-Dann Foods ? Because I think a recession in Russia is taking hold and this is one of these companies that doesn’t have a lot of economic exposure. But they have a lot of debt. So I’m going to throw that away.”
—Jim Cramer, CNBC’s Mad Money
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