Decree

Citigroup, the ailing US financial giant, shocked the market yesterday by announcing that it would cut 52,000 jobs by the second half of next year. Vikram Pandit, the bank's under-pressure chief executive, said yesterday that the total number of employees would shrink to about 300,000 by the end of June. Mr Pandit announced the cost-cutting measures at a "town hall" meeting for staff designed to set out a clear direction for the financial conglomerate, which has suffered big losses from exposures to debt securities and rising bad debts.

I let it pass with John McCain, but henceforth, town hall meetings shall only refer to those meetings which occur in town halls.

Market trends

I used to have this sort of vague idea that I would let my son pick a stock and buy a few shares of it as a way of providing a lesson in economics and finance. I just checked, and in his lifetime the S&P 500 is now up a mere 1.1%. That's worse than my interest-bearing checking account's 0.1% APR. But more of you reading this blog know Isa. In her lifetime? Down 16.2%.