We don’t want to type it, let alone think it, but it’s possible Vikula won’t be around long enough to enjoy his new $10 million office (though, really, now that it’s been stripped of a Zen Garden, is it really worth sticking around for? Probably not). The Financial Times reports that senior officials at the FDIC have been talking Pandito replacements, in the event the bank needs more cash-money. Apparently successors include new CFO Ned Kelly, old CFO Gary Crittenden, and an unnamed new board member.
“It is unthinkable that Vikram could stay on if Citi requires more federal funds,” said a person familiar with the matter. “It is prudent to be thinking about different scenarios.”
The FDIC is only one of the regulators that has a say on whether Mr Pandit steps down if the government bails out Citi for the fourth time in six months following completion of a “stress test” of its health.
Any decision on Citi’s leadership will be led by the Treasury, which is about to take a 36 per cent stake in the company and will sanction further capital injections.
The Federal Reserve and the Office of the Comptroller of the Currency, which regulate national banks, will also have to bless top management changes.
Here Are Some Thoughts On Men And Wall Street
Jerk Running Ferry To Fire Island Not Up On The Celebs Of Financial Reform
http://news.bbc.co.uk/1/hi/world/south_asia/6161691.stm
Nuff said.
Obama, in this defining moment, will know what to do.
I doubt they’ll fire him. They’ll hang him out to dry, let the Board take 50 lashes, but the party line will be that the problems were caused by the management of C before Pandit came around. Without, of course, mentioning Sandy or Chuck.
Obama is busy reading the book Chavez just gave him. Talk to you after he leaves the White House Gym and poses for a couple of more pictures. Oh yeah, and find a way to save $100MM which is equal to 0.0025% of his budget. Then, he is going to come up with a health plan fix. Lunch is at 12:15 today.
Oh God, not Kelly! Not after that last CC.
Yes, getting rid of Pandit is really going to do jack sh!t. Cleaning out the BoD, ok, maybe, but sheesh…
Also, why the f*ck would anyone want to take this gig? Oh, sh!t, wait, how could I be so blind? The obvious replacement is the Dollar Dominatrix herself, Mer Whitney!
how bout a joint deal with carla fiorina munching mer bear’s box while JBL chairs the board? that’ll fix it
@7 good call.
This would be a great time to implement a real life version of the movie ‘Big’ or ‘Trading Places’.
“Heave Ho” ???? What kind of hooker is that? I asked the quants and even they didn’t know.
All bow to Prince Alwaleed bin Talal – new head of citi.