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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

Oh, Tim, this is all so Bush-Cheney

It is hard to figure how Timothy Geithner, who is charged with cleaning up Wall Street, will be cleaning up anything.

From Bloomberg:

Some of Treasury Secretary Timothy Geithner’s closest aides, none of whom faced Senate confirmation, earned millions of dollars a year working for Goldman Sachs Group Inc., Citigroup Inc. and other Wall Street firms, according to financial disclosure forms.

The advisers include Gene Sperling, who last year took in $887,727 from Goldman Sachs and $158,000 for speeches mostly to financial companies, including the firm run by accused Ponzi scheme mastermind R. Allen Stanford. Another top aide, Lee Sachs, reported more than $3 million in salary and partnership income from Mariner Investment Group, a New York hedge fund.

As part of Geithner’s kitchen cabinet, Sperling and Sachs wield influence behind the scenes at the Treasury Department, where they help oversee the $700 billion banking rescue and craft executive pay rules and the revamp of financial regulations. Yet they haven’t faced the public scrutiny given to Senate-confirmed appointees, nor are they compelled to testify in Congress to defend or explain the Treasury’s policies. (more… )

How can you be one of the Untouchables when you surround yourself Wall Street dudes? I’m just askin’?

By |2009-10-15T15:02:49-04:00October 15th, 2009|Economy|Comments Off on Oh, Tim, this is all so Bush-Cheney
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