Misery Loves Company

Citigroup CEO Vikram Pandit was in Boston recently, fighting back against vicious rumors and lying lies spouted forth by us dastardly media types saying his company was set to pull up stakes in the Boston area and focus on more developed, traditional markets.

But Pandit was adamant that his company is committed to Boston, and now we know why – according to Citi’s own data, only slightly less than half of Boston-area residents think this economy is still going in the tank, versus a whopping 63 percent of folks in the forgotten, inconsequential parts of the rest of the country (admit it, when was the last time South Dakota popped into your head?).

OK, so Boston-area residents aren’t all roses and certificates of deposit. Citi found 51 percent have postponed the purchase of a major item such as an automobile or other expensive item, 40 percent have taken money out of savings or investments to help pay expenses and one-third are working longer hours to make ends meet.

But if you’re Citi, you gotta like those odds, right? When its time to put money back into savings, who you gonna call (other then the Ghostbusters)? When its time to buy that boat or new car or gold-plated, silent-running, puppy-saving commode, who’s going to give you a loan? And after a long day of work, you gotta be able to find an ATM to hit up so you can pay cash for your malted-beverage of choice, right (The Teller prefers Private Stock – sounds classy, tastes brassy!)? Seriously, it’s not like there’s a lot of competition in this town, right?

And clearly, Citi is not discounting Boston’s greatest asset – the city’s insufferable sense of superiority. Sure, the state’s unemployment rate essentially matches the nation’s at more than 10 percent, and of course there’s a few too many bombed out holes in the ground where gleaming buildings should be. But so what? In true New England style, what doesn’t kill us makes us stronger, and bad news only builds optimism in these parts.

Citi’s stock has fallen 94 percent in 2 years. They masked recent operating losses with gains on the sale of Smith Barney. They’re in the hole to the feds to the tune of $45 billion.

But, they’re optimistic. Sound like a certain city you know? So why would they ever want to leave?

Misery loves company, Citi, so please, stick around.