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Vikram Pandit is out at Citi

Vikram Pandit came in as the Citigroup CEO back in 2007. Remember that there was a ton of stuff going on the financial world in 2007. It blew up. I have no idea whether or not Vikram Pandit was a good or bad CEO. All I know is that Citigroup is a huge company. I think it would be hard for any one person to get their arms around this company.

From WSJ:

Vikram Pandit, who was named chief executive of Citigroup Inc. C +1.61% on the eve of the financial crisis and led the bank through a bruising five-year stretch that included a $45 billion federal rescue, abruptly stepped down Tuesday. (more…)

By |2012-10-17T20:55:31-04:00October 16th, 2012|Economy|Comments Off on Vikram Pandit is out at Citi

Goldman Rakes in $3.4 Billion for 2nd Quarter

Okay, someone needs to help me with this. Just nine months ago, Goldman Sachs, along with other investment banks on Wall Street, was sucking wind. They were about to go belly up. We, the American people, ponied up billions of dollars. So how can you go from completely destitute one minute and so flush with cash the next minute that if he spread the money around evenly between all employees it would make over $700,000 apiece. This kind of craziness can only happen on Wall Street. There has to be something really wrong with our system if this is possible. Regular Americans continue to struggle while millionaires don’t even have to worry about selling their yacht. It is kind of sickening.

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From NYT:
Even on Wall Street, the land of six- and seven-figure incomes, jaws dropped at the news on Tuesday: After all that federal aid, a resurgent Goldman Sachs is on course to dole out bonuses that could rival the record paydays of the heady bull-market years.

In 2007, chief executive Lloyd C. Blankfein, collected one of the biggest bonuses in corporate history.

Goldman posted the richest quarterly profit in its 140-year history and, to the envy of its rivals, announced that it had earmarked $11.4 billion so far this year to compensate its workers.

At that rate, Goldman employees could, on average, earn roughly $770,000 each this year — or nearly what they did at the height of the boom.

Senior Goldman executives and bankers would be paid considerably more. Only three years ago, Goldman paid more than 50 employees above $20 million each. In 2007, its chief executive, Lloyd C. Blankfein, collected one of the biggest bonuses in corporate history. The latest headline results — $3.44 billion in profits — were powered by earnings from the bank’s secretive trading operations and exceeded even the most optimistic predictions. (more… )

By |2009-07-15T05:17:28-04:00July 15th, 2009|Corporate Wrongs, Economy|Comments Off on Goldman Rakes in $3.4 Billion for 2nd Quarter

The Righteousness of Mark Sanford (Update)

It is my opinion that we need to step back as progressives and reevaluate Gov. Mark Sanford. Sure, his wife is kicking him out of the house. She’s also issued one of the most stinging rebukes of a public figure that any of us have ever heard from a wife. Yes, the governor also left his state without a chief executive for four or five days but what’s the big deal? If government is not supposed to work, then isn’t Mark Sanford perfect?

Watch this perfect parody of a video:

Update: On a more serious note, there has been a call for Governor Mark Sanford to resign on from the Greenville, South Carolina editorial page:

Gov. Mark Sanford should resign immediately and allow South Carolina to begin picking up the pieces. The two-term governor has destroyed any shred of credibility with his lies unnecessarily added on top of other lies. His ability to govern this state has been compromised so severely that he cannot fulfill the duties required of this state’s governor until a successor takes the oath of office in January 2011.

In a tearful, rambling press conference last Wednesday, one in which the governor described himself as a “bottom-line type” of guy, he painted a version of his extramarital affair with an Argentine woman that we now know simply wasn’t the whole truth. And that the governor wasn’t truthful then — and in a circumstance that did not demand the steamy particulars of the affair — undermines the last thing Mark Sanford had working in his favor: his character. (more… )

By |2009-07-01T20:02:47-04:00July 1st, 2009|Fun, Party Politics|Comments Off on The Righteousness of Mark Sanford (Update)
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