We’re not sure that anyone ever believed that Vikram Pandit was acting purely of his own volition when he stepped down as chief executive officer of Citigroup earlier this month, whatever Mr. Pandit or Citi Chairman Mike O’Neill said—now there’s less reason to believe the official account of Mr. Pandit’s departure.
According to Jessica Silver-Greenberg and Susanne Craig at The New York Times, Mr. Pandit met with Mr. O’Neill on the day before he resigned, and presented with a choice between three already prepared news releases:
Citigroup announced that chief executive officer Vikram Pandit was stepping down today. So the “king” is dead, or you know, getting ready for a little vacation. That doesn’t mean the rest of us shouldn’t speculate to what did him in.
1. We can buy what Mr. Pandit is selling (though no one really is). Read More
Vikram Pandit is stepping down as chief executive officer of Citigroup, and the executive who divested the bank’s toxic assets in the wake of the financial crisis is moving into the bank’s top job.
Citi said in a statement today that Mr. Pandit was resigning and that Michael Corbat, Citi’s head for Middle East Read More
There was a funny thing that happened this summer, which is that Mr. Universal Banker Sandy Weill went on CNBC and said that the supermarket model of banking that he pioneered was a good idea at the time but no longer the correct thing, and everyone who was anybody weighed in on the Read More
Last month, we noted that former FDIC Chairman Sheila Bair had some choice words regarding Citigroup CEO Vikram Pandit in her new book, Bull By the Horns. After Citi said he was stepping down in a statement released today, Ms. Bair offered six more words to her assessment:
“This was a very positive move,” she said in an interview with Tom Keene and Ken Prewitt on Bloomberg Radio.
You can read her comments on Mr. Pandit from her book below.
In October 2008, with the financial system teetering, the U.S. Treasury convened a meeting with the leaders of America’s biggest banks. The agenda: to convince the executives to accept billions of dollars in bailout funds, whether the bank bosses believed their institutions needed it, or not. The story has been told before, now it’s been Read More
banker v. banker
And so the Vikram Pandit Sandy Weill Refutation Tour continued: Yesterday, the current Citigroup chief executive told The Financial Times that Citigroup was already right-sized. Which is to say, the bank didn’t need to broken up, as Sandy Weill, former CEO and architect of the mergers that created the banking behemoth, told CNBC last month.From the FT:
Nearly a month after former Citigroup chief executive Sandy Weill called for the break-up of the biggest U.S. banks, current Citi CEO Vikram Pandit told the Financial Times that the bank is sized just right.
How to define ‘subprime?’ The answer may determine the fate of the government’s case against three Freddie Mac Read More
Who Am I?
Sixty Minutes and Vanity Fair asked a bunch of Americans who Jamie Dimon is—two-thirds didn’t know, and another 20 percent of respondents believed him to be either an X-Games skateboarder, daredevil motorcyclist or Texas congressman. This is a funny and sad if not unsurprising thing about Americans, but more importantly a potential point of embarrassment for he of the salt-and-peppery good looks and formerly gold-standard risk management chops. (“What kind of trading losses do I need to suffer before they know me!”) Well, Mr. Dimon can rest easy: Americans don’t know the names of the leaders of any of the country’s biggest banks*, and to prove it, we conducted our own informal survey**:
Another reason for the Michael’s-dining, Bergdorf Goodman window-shoppers of Fifth Avenue to hate the homeless: they are actually rich, college-going liars in disguise. Thank goodness for New York Social Diary’s David Patrick Columbia, who took it upon himself to investigate the curious case of a panhandling young lady who has claimed for nine months now to be seven months pregnant.