So, Vikram Pandit sent this letter to employees late Friday. In it, he repeats the line from Press Secretary Gibbs about the White House being into a private banking sector, which, considering last night’s news, now comes off as a little awk! Or maybe not, if you don’t consider the “U.S. government substantially expanding its ownership of the struggling bank” a line in the sand.
From: vikrampandit@citi.com
Sent: Friday, February 20, 2009 10:40 PM
To: vikrampandit@citi.com
Subject: Financial Markets Update
Dear Colleagues:
As you know, financial markets around the world remained under great pressure this week, again fueling speculation about additional intervention in financial institutions by the U.S. government. As we continue to navigate these unprecedented times, I want to reassure you that I remain very confident in Citi’s prospects and business position around the world. Our Tier 1 capital base is very strong and is one of the strongest in the financial services industry. Additionally, we continue to focus and make progress on reducing the assets on our balance sheet, reducing expenses and streamlining our business for future profitable growth.
While rumors and speculation persist in the market, I want to highlight for you statements earlier today from U.S. government officials. The White House reiterated that it “continues to strongly believe that a privately held banking system is the correct way to go.” Additionally, the U.S. Treasury Department said it “plans to preserve a financial system that is owned and managed by the private sector.”
I know how challenging these times are, and ask only that you continue your outstanding work in serving our clients and customers around the world. Your hard work is generating results that we are seeing on a daily basis. We need to continue to do our part to instill confidence in the financial system. Building confidence starts with each and every one of us communicating the strength of Citi to our clients and customers every day.
With our presence in more than 100 countries, Citi continues to be uniquely positioned to benefit when the global economies rebound. Thank you for your continued effort and dedication.
Vikram Pandit
Vik, congrats on the Oscar, tea boy.
dickheads
sounds like things are looking up for Citi. the government clearly wants a piece o’ the action.
anyone else find Pandit’s faux-redneck drawl at the government hearings hilarious?
I wonder how many speech lessons it took to get that down, after growing up in India and living in NYC until he was 30
For VP. When he goes to jail, he surely will experience DP. Ouch.
Poor VP. When he goes to jail, he surely will experience DP. Ouch.
But he’s right. Treasury DOES believe a private banking system is the way to go. It’s Vik and his boys that have other ideas about that….if the conversion price is high enough.
“Our Tier 1 capital base is very strong and is one of the strongest in the financial services industry”
One week to nationalization?
when is Vik going to learn he can’t run this ship like a corner store?
No one wants to buy wine, a hot dog, and a unicorn statue from one store.
Nice mug…wonder how long that’s gonna last after the Pelican bay boys are done “slam doggystylin” that millionaire…
@4 Racist much?
@1,4,9 = racist
huh?
I wrote 4.
how’s that racist? all I said is that he puts on an overdone down-home amurican accent for those hearings, the same way all the CEOs try to present themselves as salt-of-the-earth types when they’re being grilled at government hearings.
I would say the same thing if someone who was raised in england, and spent most of their life in NYC went on camera talking like a texas car salesman