$C U Next Tuesday Passes Its Government -Mandated Self Review


You didn't expect them to FAIL themselves, did you?

NYT:

Citigroup’s board met on Tuesday to discuss the findings of a government-ordered review of the bank’s leadership, a move that could lead to yet another management shake-up at the company, according to a person briefed on the meeting.

In June, federal regulators ordered the bank to compare its leaders with those at peer companies after officials at the Federal Deposit Insurance Corporation raised concerns about Mr. Pandit and some of his top lieutenants. Consultants from Egon Zehnder International, an executive recruiting and consulting firm, interviewed Citigroup directors and senior executives about their impressions of Mr. Pandit and his deputies. Executives were evaluated for their ability to develop and execute a business strategy, to work well with regulators and other executives, and to understand the bank’s business issues.


Citigroup is being treated like a 5 year old who colored outside of the line in kindergarten. Where is the whip? If the government is going to "intervene," I'd pay to see it come after Citigroup with a scalpel and a bucket to drain the good parts. Haven't regulators ever seen a zombie film? I recommend this one to the FDIC. Where were Citi's regulators and why wasn't the outbreak contained? Now look. Where was the NY Fed to stop this kind of bullshit?

2 comments:

Independent Accountant said...

Junior:
The WSJ has an article about this too. I will prepare a post on it. What a joke. Citigroup finds some bunch of consultants to find Vikram Pandit is doing a good job. Madness.

"Pop"

Jr Deputy Accountant said...

I totally channeled you for this post, Pop. Look at that. You taught me well :)

Jr