Bankers Leasing, Illinois—250 employees let go.

  Bankers Direct Leasing in California, also closed. 

We reported several e-mails last week, but have  confirmed   CitiCapital was unable to find a buyer, so closed them down.

Here is an e-mail from a reader:

Regarding Bankers Leasing and having worked there for almost a year, upper management ran the office like a frat house. I can tell you from first hand experience the problem with their expense reports is probably due to an annual trip the entire office takes to visit the Chicago office.

I felt like the odd man out, as I actually brought work with me that I could review and strategize with our 'finance and credit dept'. The trip involved golf, drinking, dinners, drinking, strip bars, drinking, Cubs games, and more drinking. This annual 'convention' was nothing more than an opportunity for the VP of the Orange County office to get away from the house for a few days and be continuously drunk.

Their business model was to be another 'Amplicon-type' co, with goofy language and every hook and gotcha applied to the max.

For the most part, the office is made up of brown-noser's sucking up to the VP, who requires kick-backs on the 'house' deals he assigns to them.

 I personally think Citi shut them down because they couldn't sell them to anyone in good conscience. It would be like selling a house and not disclosing it is built on a toxic waste site.

( Name With Held )