Earlier this week, Angelo Mozilo told Countrywide shareholders that Bank of America will "reap the benefits of what we have sowed." At the time, this was the greatest veiled threat we had ever heard. This morning, Citi CEO Vikram Pandit one-upped His Orangeness. And just to make sure everyone saw it (the one-upping of Moz and the actual threat itself) Lil' Vik stuck the the thing in an op-ed for the Journal (it's like he's playing to us, isn't it?).
In the U.S., we recently saw the unprecedented opening of the Federal Reserve discount window to nonbanks. By definition, unprecedented events set a precedent. And regardless of whether that window is officially opened or closed, the market now assumes that it will be open if necessary on an ad hoc basis.-- Vikram Pandit
Below are subsequent graphs that were excised by the Citi PR department:
"What I'm saying is, leave your window open, and you have only yourself to blame for the shit that comes a-crawlin' in."
"Here's an analogy I'd like to lay on your ass. A vampire can't just waltz on into your house uninvited, he has to be asked first. But now that you bitches have opened your hearts and said mi casa es su casa, Count Vikula will be unbuckling his belt and gettin' comfortable for while."
"Ipso facto, fuckers: I am going to ride this bitch like Sea Biscuit, until it or Citi is six feet under. Place your bet on which comes first. You know I have."
Posted by guest , Jun 27, 2008 3:10PM
isnt that cute citigroup which has bigger losses than any firm in known financial history and would be out of business if it couldnt borrow from the Fed thinks its a bad thing that others can borrow too
lolz
Posted by guest , Jun 27, 2008 3:20PM
Ah, nothing quite like sucking on our collective teats for subsistance.
In any event, in other vampire news: http://www.youtube.com/watch?v=jY-NBO6OurA
I'll take my Bloody Marys extra spicy.
-D
Posted by guest , Jun 27, 2008 3:45PM
I can has your cheezburger, Bernanke?
I am Vikram Pandit, and I drink your milkshake!
Posted by guest , Jun 27, 2008 3:51PM
I heard Vikram likes mayo too.
Posted by guest , Jun 27, 2008 3:53PM
DRAAIIINAGE!!
Posted by Lowly Assistant , Jun 27, 2008 4:18PM
I've always seen Vicky as more of a Count Mackula. See how his pimp-hand is slightly raised in that picture? Then again, what do I know? He's a handsome man, and everyone knows vampires are handsome.
Posted by guest , Jun 27, 2008 4:24PM
Have you still not fixed the comments issues? This is what happens when white people try and do IT
- The Indian Guy
Posted by guest , Jun 27, 2008 4:30PM
He is definitely a vampire.
Posted by guest , Jun 27, 2008 4:30PM
He is definitely a vampire.
Posted by Bulging Bracket , Jun 27, 2008 4:46PM
White people invented IT... it's just that now only the subnormals are left thanks to shit pay and cap gains potential. Still lots of opportunities for cap gains on the Bombay exchange or if you're living in Bangalore... rent for a slum closet in Manhattan gets you a huge apartment and several staff in India... same in shanghai, but hardly anyone there speaks english (well comparatively).
Posted by guest , Jun 27, 2008 4:49PM
Bess rides Tim Sykes like he's Sea Biscuit. Just saying...
Posted by JorgeCad , Jun 27, 2008 7:42PM
C is screwed. India can't save it, neither can PE
Posted by JorgeCad , Jun 27, 2008 7:47PM
C is screwed. India can not save it, neither can Peru.
Best thing to do is remember the C will always screw you
Posted by Cincinnatus C , Jun 28, 2008 12:25AM
this is what happens when white people try to open a 7-11!
Posted by guest , Jun 28, 2008 12:27AM
How the hell can the private equity shops save banks such as Shiti when their capital base needs renewing every five years or whenever the lock-up expires.
All they want is to buy shares of these banks at bottom prices and then get their pals on the inside to sell assets or clean up their balance sheets or when the dust settles in 3-4 years and make big returns on their equity stakes. Don't get me wrong, the risks are huge. It takes a brave man to call the market has bottomed.
I'm sure most of them want in after seeing how well Ripplewood did with its investment in Shinsei Bank (formerly Long Term Credit Bank) in Japan. But that deal was really a bail-out with financial backing from the Ministry of Finance of Japan. The Japanese government were totally out-maneouvered and only realised too late that they got a raw deal from Ripplewood. At the end, the Ripplewood-installed management team rehabilited the bank (or the lax global credit environment reflated the bank's balance sheet) and Ripplewood made a killing floating the Bank. They did it all without paying a dime in taxes on their financial gains. Guess how pissed off the Japanese were afterwards?.................
Same deal with Lone Star's deal in South Korea. The Korean Head of Lone Star has been convicted and jailed and the rest of the Lone Star guys still do not dare to set foot onto South Korea because they will get the same treatment. Chances of Korea Exchange Bank getting sold to HSBC is getting slimmer by the day.
I find it amusing and troubling at the same time when some ex-FIG-banker-turned-Private-Equiteers are asking the Fed and the Treasury to loosen the regulatory requirements to allow their firms can buy stakes in the troubled banks?
What more do you fcukin' parasites want? Benny B. and Timmy G. to gift-wrap C and delivered to your door with a 24 month money back guarantee??????
Posted by guest , Jun 28, 2008 12:27AM
How the hell can the private equity shops save banks such as Shiti when their capital base needs renewing every five years or whenever the lock-up expires.
All they want is to buy shares of these banks at bottom prices and then get their pals on the inside to sell assets or clean up their balance sheets or when the dust settles in 3-4 years and make big returns on their equity stakes. Don't get me wrong, the risks are huge. It takes a brave man to call the market has bottomed.
I'm sure most of them want in after seeing how well Ripplewood did with its investment in Shinsei Bank (formerly Long Term Credit Bank) in Japan. But that deal was really a bail-out with financial backing from the Ministry of Finance of Japan. The Japanese government were totally out-maneouvered and only realised too late that they got a raw deal from Ripplewood. At the end, the Ripplewood-installed management team rehabilited the bank (or the lax global credit environment reflated the bank's balance sheet) and Ripplewood made a killing floating the Bank. They did it all without paying a dime in taxes on their financial gains. Guess how pissed off the Japanese were afterwards?.................
Same deal with Lone Star's deal in South Korea. The Korean Head of Lone Star has been convicted and jailed and the rest of the Lone Star guys still do not dare to set foot onto South Korea because they will get the same treatment. Chances of Korea Exchange Bank getting sold to HSBC is getting slimmer by the day.
I find it amusing and troubling at the same time when some ex-FIG-banker-turned-Private-Equiteers are asking the Fed and the Treasury to loosen the regulatory requirements to allow their firms to buy stakes in the troubled banks?
What more do you fcukin' parasites want? Benny B. and Timmy G. to gift-wrap C and delivered to your door with a 24 month money back guarantee??????
Posted by sellsidesucks , Jun 29, 2008 2:45PM
Vikram Pandit will fail. He is a great salesman, but an inept money manager and a total failure as a bank manager. If he wants to stay on as the CEO, he should return Citi the $$ he got for Old Lane. Have you met the goons that he hired? You will not belive the kind of idiots that run OL and in the process can't make a buck. To borrow from Gordon Gekko -- they do not know preferred stock from livestock! Vikram should get out of Citi before its to late -- he should be smart enough to know that his rightful place is on the trading floor in a sales role -- he does not belong in the chairman's office.
Posted by Anal_yst , Jun 29, 2008 10:20PM
@ Sellside
Your comments of the past few days are intriguing. You seem to have nothing but criticism for everything Wall Street; not simply criticism, but outright hatred.
You're not Jimmy Cayne, are you?