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Posted Monday, November 17, 2008 9:52 AM

CITIGROUP CUTTING JOBS: NO MORE LIVING THE HIGH-LIFE

Keith Josef Adkins

 

New Luxury Condos, Fort Greene, Brooklyn.  Photo Credit:  Brownstoner
 
Just two weeks I was celebrating our president-elect in the streets of Brooklyn.  This week I'm a bit concerned about my neo-soul, progressive, socially-conscious enclave.  Citigroup has just announced it's cutting 50,000 jobs to help curve their financial crisis and they're planning to chop down their investment banking sector and that's not good for Brooklyn.

I don't roll with my many investment bankers [however I do know a few] and it's no secret that downtown Brooklyn is the new metropolis for 30- and 40-something investment bankers with money to spend.  Otherwise, why would there be luxury condos going up everywhere in eye-shot, or local chefs shopping at the Farmer's Market for trendy Lacinato Kale, or Frozen Yogurt spots pumping out pomegranate decadence until the wee hours of the morning.  They know investment bankers will roll in from the subway [or car service] spend a million-plus on 600-square foot real estate or drop fifty dollars for a plate of pan-seared white fish and a glass of Cabernet Franc and call it a day.  Oh yeh, from Carroll Gardens to the new Bed-Study, investment bankers have injected a new economic vitality into the BK.

So with the investment bankers on lifestyle alert, what will happen to the new Brooklyn?  It certainly can't afford to cater to check-to-check writers, out-of-work actors and Pratt Institute youngins.  Investment bankers are the new Brooklyn's bread and butter.  And I've already noticed the decline in restaurant eating and movie-going.  Not to mention an increase in apartment vacancies and biking in cold weather with crazy wind.  Hey, when you see a middle-aged woman in rollers and a straped-down toddler peddling to Pathmark, it's time to take note.

How WILL job cuts affect many new-formed urban paradises?

 

 

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Member Comments

Posted By: ch555x (November 17, 2008 at 11:45 AM)

ROFL!  Each of these "financial crisis" stories reminds me of the movie "Fun with *** & Jane".  Maybe I'm just too skeptical when I hear of folks getting these high-figured salaries, private chefs, and posh lofts while the rest just get the 2nd hand stuff, i.e. real work.  Those urban paradises will just lay vacant until the next surge in so-called income...


Posted By: dehillman (November 17, 2008 at 2:09 PM)

I think it will be a tale in the story book of these places.

The new Investment money in BK didnt invest any money in BK. Im a bed stuy raised kid and when i heard the addresses that people are moving out to, i know it wouldnt last. those people werent in BK cause they like bk, they were there because they could no longer afford the City, thats like dating a girl while her man is locked up or overseas, its nice but only really done in times of duress. I heard the rents that were being asked even deep into BK and i realized that it would soon end, Beacause all of it was based on getting the people who have always lived in BK OUT.

Noone but bankers can do whats been happening and BK allowed itself to be wooed but the false money based on nothing,  Instead of staying true to its working, yet fly roots. there has always been business and commerce in BK, but it was the $1.50 a slice kind, or the &10.00 bang out large beef and broch from KUm Kau. BK allowed itself to be pimped. It became the place to plan big, cant fit another arena in the City? got room in BK. cant get a permit for a hotel, bring in to BK, cant afford to live in the City, Come to BK and offer someones grandmother more money than shes ever seen, so she can move to an apartment that her grandkids cant fit in.

I knew it wouldnt last because those people were only here for the good getting. they dont care about BK. they dont know anything about BK. they are here to use her and go back to the city when their money could stand it. BYE

i dont mind it because although those people pumped millions into the area, and im sure improved a lot, it was at the expense of Brooklyn, I ride the L train from Bushwick and i cant wait for the yuppies clear out of Williamsburg and i dont care how it happens, because there is one thing these NEW AGE BROOKLYNITES ALWAYS SEEMS TO FORGET!!!!!!!!!!!!!!!! WE HAVE BEEN HERE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I cant take another yuppie cramming onto a train, crushing the elderly black and hispanic women going about their business, i cant take another salty look from some suited up head case with his mocha/java/decaf/this is really too gay for a man to order drink and smashing into me like im not there and they have somewhere more important to go. Im actually waiting for some of them to clear out, As i said they act like this is the frontier and they are wild ass cowboys, THIS IS NOT FALLOW LAND.

for all of those fancy foods and nice places to eat, there is another place that closed because they cant compete. I hear you about the woman with the curlers, but how about the one from Farragut, who cant walk right and cant afford a bike and she is walking, pulling a cart, with a grandchild in it cause they closed the super martket near her house, because the bankers moved in and made those places trendy. when the bankers move out, Associated is not going to run and put the store back. but the rest of the bankers will be on the other side of the river by then, still eathing white fish and red whine.

Sorry i liked bk better before.


Posted By: dehillman (November 17, 2008 at 2:52 PM)

wow. posts are getting cut off major.


Posted By: Keith Josef Adkins (November 17, 2008 at 3:07 PM)

DEHILLMAN... yeh, I notice that. Mmm... It happens every now and then. Hopefully they'll correct it in a few.

Anyway... I dig your comment.


Posted By: snapdiva (November 18, 2008 at 1:57 AM)

Brother man, I feel your pain...When yuppies catch cold, it is the regular folks who come down with pneumonia...

The pain of this recession is being portrayed only through the eyes of the middle class.  Wonder what it must be like for poor people?

We may never know:)


Posted By: sjreese (November 18, 2008 at 11:15 AM)

Are you kidding me! Citi cut 22,000 jobs just last year. And its 53,000 this one. Merry Xmas

Your job NOW is to DEMAND that the 25 billion Citi got from YOU the taxpayer be used to invest.

in your hood.  also COME TO New Orleans for the BLACK leadership summit and cover it call 773-373-3366 for details.  And one more thing...

IT IS UP TO YOU TO CONTINUE OUR PEOPLES STRUGGLE


Posted By: Dolphinfan65 (November 18, 2008 at 8:20 PM)

It's a amazing how theses FINANCIAL INSTITUTIONS, expect the average human beings. to understand there contracts with us. Claim they understand, what We can AFFORD. It is perplexing , how they allowed themselves to go into FINANCIAL RUINS, and expect us to bail them out...........no strings attached. I feel sorry for the INDIVISUALS who loses there job, but not the corporation itself.


Posted By: senshuyuan (December 13, 2008 at 12:04 AM)

I don't feel sorry for any of them in the financial business. They are the problem for what has taken place in the USA economy. OK, so Shirley "knew nothing about it." We will put her aside for now poor Shirley until "trial."

You have the Taxpayers who bought from Builders who were all fraud who then assigned the mortgages to the banks who all wre fraudulent who then assigned or got investors to buy equity packages or even another assignment who knew what they were getting who then did the same with others in foreign countries all of whom had known what the deal was all about as anybody in Brooklyn can tell you about. All sinners and no saints!

So the Taxpayers to reverse things out have Taxpayer's civil servants raise 700-billion dollars to give to the sinners to help them get back into their old position which they all have done. OK, done what? Got the 700-billion plus (+) dollars from the Taxpayer's civil servants who think that they are above God. So the initial buyer and Taxpayer now needs help in that frauds were committed on them. So the government realizing that (will never say it) their system of looking over those under them did not happen in that they in Congress only worked three or less days a week in Washington. Rest of the time wwas spent on collecting for themselves "money." So the Taxpayers civil servants create in twelve months no less than thirty programs to help the Taxpayer keep their homes. So these nice Tacxpayer's servants begin to spend the 700-billion dollars or should we say allot? The sinners that they give the money to don't want to help the Taxpayers so they either pay themselves money for all kinds of things with differing tricks (fraud) while keeping the money for themselves and not trusting other banks which is ok becaue the other banks don't trust each other. So FDIC (Blair) comes sout with a program that is workable and Bush and Paulson say no. HUD last week came out with a HUD similar type program that was burried in their 99 cent web site (so busy looks like a 99 cent store) with names of 200 plue (+) realty people who would participate in their FDIC type program. Was false and they knew it in that it required the participation of the banks. As one of them said to me not one bank has signed up for the deal. Sounds all like BS to me. Sorrty but true!

Kelly, Boys High School (Not BS School)

High School nickname "Quick-Kick Kelly"

PS: If you can make it in Brooklyn you can make it anywhere! Sorry Frank Sinatra. Said it before you!

www.mbfusa.com