When we asked you this last week, only a little over half thought Vikram Pandit would be boxing his shit up and turning in his ID. Things have changed slightly since then. Charlie Gasparino is hearing talk of VP stepping down, and though the situation is fluid, let's just determine what's what now:
Comments
2
Posted by Intern RBC, Nov 21, 2008 9:29AM
@ 1 Post of the day so far!
Maybe wideclops will be returing to the motherland with Vik? In a perfect world maybe, but maybe she needs to stick around for our amusement...
3
Posted by guest, Nov 21, 2008 9:29AM
Make this poll "will he step down by year-end" and I think you'll get to 90%
4
Posted by guest, Nov 21, 2008 9:31AM
it's pointless. if he organizes a merger with someone, he has more of a chance to grab some cash off the new company with his golden parachute.
5
Posted by guest, Nov 21, 2008 9:31AM
Make this poll "wideclops will still be haunting our dreams through year-end" and you'll get 99%
7
Posted by NotNasser, Nov 21, 2008 9:31AM
It takes a lot of work to get the stake to go properly through the heart of one of the creatures of the dark.
8
Posted by Clown Capital , Nov 21, 2008 9:33AM
If he does, talk about a punk move...
10
Posted by guest, Nov 21, 2008 9:36AM
Who is going to merge with them?
That balance sheet is a joke. $35bn of tangible net worth against $2 trillion in liabilities.
11
Posted by guest, Nov 21, 2008 9:38AM
it's pointless. if he organizes a merger with someone, he has more of a chance to grab some cash off the new company with his golden parachute.
12
Posted by guest, Nov 21, 2008 9:38AM
I'll take a Gabagool Sandwich, a Wideclops, and side order of ShamWow.
16
Posted by guest, Nov 21, 2008 9:42AM
@13
I can think of 52,000 Citi people that want to replace Pandit.
17
Posted by guest, Nov 21, 2008 9:43AM
JPM matches S&P slide generally -nothing specific to that firm... def a good bargain to buy
18
Posted by guest, Nov 21, 2008 9:47AM
@17 only a wideclops would say JPM was "bargain to buy" with no earnings story going forward.
if i ask you if you're a wideclops, you have to tell me. that's how it works, right?
"are you wideclops?"
19
Posted by guest, Nov 21, 2008 9:49AM
Doesn't Citi have a division that just assembles office furniture? I remember that being a rumor 3 years ago. They assembled the furniture for Citi and contracted out to other firms.
20
Posted by guest, Nov 21, 2008 9:52AM
Not good: Five-year credit default swaps
of Citigroup Inc widened on Friday to 25 basis points, or $425,000 a year to protect $10 million of debt, up from 395 basis points late Thursday
22
Posted by guest, Nov 21, 2008 10:00AM
can we tone down the "wideclops" ?? Its losing its shine rapidly
23
Posted by guest, Nov 21, 2008 10:01AM
@18- no earnings story - is that what you call $1bn of added BSC profit annually?
24
Posted by guest, Nov 21, 2008 10:03AM
Anyone have Viks number? Im expanding my Curry Chicken and rice carts in the city and need someone to cook. Our benefits package consists of bed in an alleyway in Curry hill.
25
Posted by guest, Nov 21, 2008 10:04AM
Anyone have Viks number? Im expanding my Curry Chicken and rice cart business and need someone to cook. Our benefits package consists of a bed in an alleyway in Curry hill.
26
Posted by guest, Nov 21, 2008 10:07AM
Three articles about Citi so far today on DB. All appear critical of Citi & Vik, and all poke fun at Citi's very serious difficulties.
Do you really want Citi to fail? I don't.
The Guy from Delaware
27
Posted by Seaman Bodine, Nov 21, 2008 10:09AM
do you think VP drinks his own urine? i hear indian dudes in charge like to do that
28
Posted by guest, Nov 21, 2008 10:11AM
@26
Failing is more your department. Why you're up so early this morning? Was someone honking outside your trailer?
30
Posted by guest, Nov 21, 2008 10:13AM
ShittyWatch:
Citi is now worth less the Walgreens.
Maybe Walgreens will make an offer. All those extra investment bankers could stock shelves.
Oh, hey, WMT wanted a bank to bring their credit card payments in-house. They could pick up Shitty on the cheap.
34
Posted by guest, Nov 21, 2008 10:24AM
I WARNED YOU ALL.
THIS IS WHAT YOU GET WHEN YOU TAKE AWAY THE RED UMBRELLA.
IT WAS GONE FEB 2007, DOWN HILL EVER SINCE.
36
Posted by guest, Nov 21, 2008 10:27AM
@#28 & #29...
You two clowns are really very funny. TGFD laughed so damn hard it actually brought tears to my eyes. Thanks for your posts. My opinion of you two has definitely improved.
@#31...
WTF is a "wideclops"? I guess I missed that one when TGFD was out back of the trailer burning trash.
The Guy from Delaware
38
Posted by Seaman Bodine, Nov 21, 2008 10:30AM
#35
suck this
http://www.bravenewtraveler.com/2007/05/07/urine-therapy-discovering-your-bodys-golden-elixir/
39
Posted by guest, Nov 21, 2008 10:36AM
@35 -
Moraji Desai, baby. Former PM of the Bharat himself, drank a "wee" bit every AM and told Time Magazine all about it, so STFU
41
Posted by guest, Nov 21, 2008 10:40AM
@TGFD - I definitely don't want to see Shitty fail, but I am just stunned by the incompetence of the management of these banks and by Treasury and the Fed.
A Citi failure is just unfathomably bad. There are 350k employees and 200mm customers worldwide. Think about how many major corporations use Citi as a banker - all of those lines of credits, trade financing, dealer financing - all left uncertain.
As bad as Lehman's failure was, this would be multiples worse. I think it would set off a cascade of bank and business failures. In winding up Citi, think of all the assets (what, $820B?!) that would come flooding into the market by the bankruptcy administrators.
It's incomprehensible that the Board of Citibank, the Federal Reserve, and Treasury, are all allowing this to happen. It's like watching a slow motion train wreck.
Pandit coming out today and saying he won't break up the company is just shades of Dick Fuld fiddling while Lehman burned. Is it really that we can't learn from mistakes of just 2 months ago?
I'm really afraid that Paulson's moral hazard zealotry combined with his inexplicably tin ear for the tenor of the markets has doomed us to a second Great Depression and is possibly setting the endgame for the hegemony of Western Civilization.
Oh jeez - I sound like Roubini. But where I differ from Roubini is that I think some leadership out of DC and a few hundred billion dollars could fix this. But I just don't think we have competent enough people there to lead us.
42
Posted by guest, Nov 21, 2008 10:42AM
@TGFD - I definitely don't want to see Shitty fail, but I am just stunned by the incompetence of the management of these banks and by Treasury and the Fed.
A Citi failure is just unfathomably bad. There are 350k employees and 200mm customers worldwide. Think about how many major corporations use Citi as a banker - all of those lines of credits, trade financing, dealer financing - all left uncertain.
As bad as Lehman's failure was, this would be multiples worse. I think it would set off a cascade of bank and business failures. In winding up Citi, think of all the assets (what, $820B?!) that would come flooding into the market by the bankruptcy administrators.
It's incomprehensible that the Board of Citibank, the Federal Reserve, and Treasury, are all allowing this to happen. It's like watching a slow motion train wreck.
Pandit coming out today and saying he won't break up the company is just shades of Dick Fuld fiddling while Lehman burned. Is it really that we can't learn from mistakes of just 2 months ago?
I'm really afraid that Paulson's moral hazard zealotry combined with his inexplicably tin ear for the tenor of the markets has doomed us to a second Great Depression and is possibly setting the endgame for the hegemony of Western Civilization.
Oh jeez - I sound like Roubini. But where I differ from Roubini is that I think some leadership out of DC and a few hundred billion dollars could fix this. But I just don't think we have competent enough people there to lead us.
43
Posted by guest, Nov 21, 2008 10:45AM
hey, assholes. you think this is all a coincidence?
sure, things were bad before, but they're on whole different level now.
i have one word to explain how this madness unfolded, "wideclops!!"
45
Posted by guest, Nov 21, 2008 10:51AM
@23 forgot to get back to you...
was the $1B from MBS or CDOs? i'm almost sure the shit that was making bsc money before it collapsed isn't making any mother fuckin' money now.
further proof that you are wideclops.
watch your back, clops. we don't take kindly to your kind around here. (spits)
49
Posted by guest, Nov 21, 2008 11:04AM
Perhaps Vic should use this strategy?
http://news.ninemsn.com.au/article.aspx?id=665847
Might work better than the one he's chosen....
50
Posted by guest, Nov 21, 2008 11:10AM
Monday is too soon. If I were Vik, though, I wouldn't be making plans for my holiday bonus.
I knew paying off my Citibank card was a mistake. Should've started with the Chase card.
52
Posted by guest, Nov 21, 2008 11:18AM
Im guNNa taKe pLeaSUre in gUttin' you BoIiI
Love, your friendly neighborhood WideCLOPS
53
Posted by guest, Nov 21, 2008 11:19AM
good interview on BB this AM. Gist is that Vic, whos been there one year now, has actually accomplished many of his goals, key among which is to bring down leverage significantly. Question now is the earnings power of the bank over the next few years. If you believe it will be there, then C is a bargain. Comparison was made to Bank of Boston in the early 90s, which was full of distressed developing market and real estate loans and sank to $2. The Tisch family, after determining that things were not as bad as everyone else was thinking, took a big equity stake and within a few years made some serious money.
54
Posted by guest, Nov 21, 2008 11:22AM
TGFD nominates #41/42 as the best DB post of the day in the "Content" category, and #28/#29 for "Humor".
They're the best.
The Guy from Delaware
55
Posted by guest, Nov 21, 2008 11:30AM
GS to buy C at $2 with its TARP $$$, then replace all i-bankers
56
Posted by guest, Nov 21, 2008 1:39PM
There's always a stool at Starbucks for uncle Vik Pandit and his one laptop per child XO alongside his ex-Old Lane friends
58
Posted by guest, Nov 21, 2008 10:44PM
All of this shit started going down once WideClops hit the scene at 1585, striking poses, looking at her reflection in her fuckme boots, and handing out pinkslips -- all while thinking about where she might be going clubbing that night.
Next time someone sees WideClops in the f-me boots, they should tell others to short the f-ing market.
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Posted by guest, Nov 21, 2008 9:22AM
When you're the CEO do they still send the wideclops in boots?