Point: “This was decided yesterday afternoon. I made the decision. I talked to [Citigroup Chairman] Mr. O’Neill. I don’t believe in having lame-duck sessions, in having the outgoing CEO looking over the shoulder of the incoming CEO.” Counterpoint: “Citigroup directors ousted Chief Executive Officer Vikram Pandit after concluding that he had mismanaged operations, leading to setbacks with regulators and a loss of credibility with investors, a person with knowledge of the discussions said.”

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Comments (50)

  1. Posted by Guest | October 16, 2012 at 2:04 PM

    I'm not sure Vikram understands the premise of a lame-duck session other than to imply that he will be intentionally unhelpful

  2. Posted by 2_Small_2_Bail | October 16, 2012 at 2:09 PM

    Fire the CEO and fire the guy who decided to pay him a $1 salary.

    -You get what you pay for Quant

  3. Posted by Sean | October 16, 2012 at 2:16 PM

    O'Neil: Who's gonna want you now?
    Pandit: [Looking at her letter] Somebody.
    O'Neil: Somebody? More like… nobody!
    Pandit: Gosh, Mike. You really got me.

  4. Posted by blackmail | October 16, 2012 at 2:20 PM

    somebody's got shit on this guy.. i mean other than.. u know

  5. Posted by guest | October 16, 2012 at 2:25 PM

    you're an idiot.

  6. Posted by Point Counterpoint | October 16, 2012 at 2:26 PM

    John Fitzsimmons: Well Sheila, I guess even you and your liberal cronies have found the light at the end of the tunnel of love with our beloved president. The intellectuals have been much agitated and now, having gotten the presidency by exploiting the problems they themselves have manufactured, he has done his best to fuel their anxieties about him. Sheila, will you and your pack of bleeding heart liberals never learn that expanding welfare roles only accelerate inflation and inevitably hurt most those they purport to help?

    Sheila Hamilton: Why John, you old stick in the mud. I've been listening to that horse shit of yours for months, and you can take that crap and blow it out your ass. And for good measure, sit on THIS, John.

  7. Posted by pazzo83 | October 16, 2012 at 2:26 PM

    They really need to get their stories straight.

    – U.S. State Department

  8. Posted by VonSloneker | October 16, 2012 at 2:28 PM

    No really, the breakup was totally mutual

    – Pandito

  9. Posted by guest | October 16, 2012 at 2:28 PM

    Recruiting from within the shithole to replace the guy running the shithole and expecting anything more than a massive shithole?

    -Citi shit cycle quant waiting patiently for my turn as CEO

  10. Posted by Sean | October 16, 2012 at 2:29 PM

    I can not wait to see Vikram outside of Citi headquarters with a trenchcoat on, boombox raised above his head blaring "In Your Eyes"

  11. Posted by guest | October 16, 2012 at 2:31 PM

    Er, based on the above it sounds like he understands exactly what a lame-duck session means? You keep winning it, though.

  12. Posted by Guest | October 16, 2012 at 2:34 PM

    He will join Meru with Guru

  13. Posted by The Sword | October 16, 2012 at 2:35 PM

    I told you idiots in the earlier thread that Vickie totally sucks. Now even the Board of Citi is telling you. All of you who gave me a thumbs down…..go kill yourselves you worthless sacks of shit!!!

  14. Posted by guest | October 16, 2012 at 2:36 PM

    When I realized Citi was alot like India, I GTFO of there


  15. Posted by Guest | October 16, 2012 at 2:41 PM

    It's not you, it's me. I still love you, I'm just not in love with you.

  16. Posted by guest | October 16, 2012 at 2:42 PM

    Are you having some personal problems?

  17. Posted by broseph | October 16, 2012 at 2:44 PM

    Joke is on Citi. He's still got the hundreds of millions they paid for his stupid hedge fund.

  18. Posted by Matt L. | October 16, 2012 at 2:52 PM

    Might be having, like, a stroke or a seizure too? Working on a chart now of possible causes of grand mal seizures and their likelihood of being behind this.

  19. Posted by Sassy Guest | October 16, 2012 at 2:52 PM

    Vik's a strong, independent brown executive who need no firm.

  20. Posted by guest | October 16, 2012 at 2:54 PM

    ah. so you're the guy still using the phrase "you keep winning it."

  21. Posted by guest | October 16, 2012 at 2:56 PM

    I know, right? Everyone knows that more comp = better managers, especially in finance.

    – Cayne, Fuld, Lewis, O'Neal, et al.

  22. Posted by Bored Guest | October 16, 2012 at 2:56 PM

    Gave himself a $1 salary, so, mission accomplished.

  23. Posted by VPundit | October 16, 2012 at 2:58 PM

    Did someone say second-term Treasury Secretary??

    – V

  24. Posted by me2 | October 16, 2012 at 2:58 PM

    gotta love how they (he and his buddy johnny) pulled that off with old lane

  25. Posted by Dealbreaker HR | October 16, 2012 at 2:58 PM

    Clearly he's leaving because the board wasn't okay with him taking a side gig as a Dealbreaker columnist writing about topics including working private equity, hedge funds, b-school, stripping one’s way through b-school, all for $1 a year! Even though there was the "anonymous/pseudonymous columns" options Vik wouldn't have any of that and would have nothing to do with a firm that that wouldn't look favorably on a part-time writing career. Accordingly, Vik has said he's eagerly looking forward to starting next Monday as Matt's analyst on this week's installment of Boring* Friday Legal Stuff.

    *Much more boring for him especially now that he's not in charge of the company being sued, likely?

  26. Posted by guest | October 16, 2012 at 3:06 PM

    dollar for dollar one of the worst deals in finance. everyone associated with the acquisition (on the buyside) should never be entrusted with another dollar of shareholder money ever again, anywhere.

  27. Posted by Malt Lovine | October 16, 2012 at 3:09 PM

    $1 a year! No wonder he's leaving Citi and taking over the family cab business!

  28. Posted by guest | October 16, 2012 at 3:09 PM

    You're great, Citi. I just really need to focus on my career at this point in life.

    – Vikram

  29. Posted by The Goldman Muppet | October 16, 2012 at 3:22 PM

    Now the flood gates are open! Who else is coming with me!

    – Agent Smith

  30. Posted by guest | October 16, 2012 at 3:25 PM

    And 7-11 is better than 2-20 if you're under your high-water mark.

    ~Convenience store/hedge fund fee analysis quant.

  31. Posted by Mitt R. | October 16, 2012 at 3:31 PM

    I'll probably be available in November if the position is still open

  32. Posted by The Sword | October 16, 2012 at 3:36 PM

    Yeah, yeah yeah….admit it…You knuckleheads on Wall Street screwed it up again. Well done….Keep batting 1.000!!!!

  33. Posted by Mattis Luvoyne | October 16, 2012 at 3:37 PM

    You're both wrong his family owns full service gas stations in Jersey

  34. Posted by tom | October 16, 2012 at 3:51 PM

    Now he can pursue his true passion to work for the finest label in men's fashion: Bonobos

  35. Posted by Christopher | October 16, 2012 at 3:55 PM

    Sort of like Don Draper swearing off doing ads for tobacco companies after none of the tobacco companies wanted him anymore. __But seriously folks, so far I've heard three theories about what's going on. __1) The board was ticked off about the Morgan Stanley/Smith Barney write-down 2) Personal malice on part of chairman of board 3) persistent flat stock price since the bottoming out in 2009, combined with Fed's unwilingness to allow resumption of dividends.

    All of the above? None of the above?

  36. Posted by Aging Fat Guy | October 16, 2012 at 4:00 PM

    Why I left Citi

    All my life, from the time when I competed in the all-Indian ping-pong Olympiad, to the time when I learned to tie my shoes as an intern at Morgan Stanley, to the time when I ran Old Lane — I was always proud to be doing something worthwhile, something that created value for the clients, something that I could be proud of in my retirement when I tell my grandkids that I worked on Wall Street.

    But since they forced me to dilute my concentrated investment management acumen in the swamp that is Citi, and later forced me to perform unimaginable acts of client muppetry for only $1/year, I started to feel that this is no longer the place for me. __That feeling, initially more like a warm sensation you might get in your groin when accidentally peeing yourself during the board meeting, gradually turned into hot flashes that are not supposed to have come so early, and finally, just this past Monday, into a burning sensation usually associated with acute case of hemorrhoids. To be honest, it became too much to bear.

    And so, it is with a sudden relief not dissimilar to what you get when the laxative finally works after a week-long constipation I was able to write my resignation letter this morning. I just hope that this op-ed will be published by Dealbreaker, and maybe, just maybe, a sympathetic book editor will find me while it all is still fresh in my mind.

    VP, MD, CFA

  37. Posted by Chick is my boss | October 16, 2012 at 4:01 PM

    Could be worst.

    – Dealbreaker Editor

  38. Posted by guest | October 16, 2012 at 4:23 PM

    Meredith, is that you?

  39. Posted by EQ in Dallas | October 16, 2012 at 4:31 PM

    My only real beef with Zucotti Park, besides a lot of people standing around doing abso-fucking-lutely nothing for society, is that there are really no good bathroom's to do coke in…

  40. Posted by someone | October 16, 2012 at 4:45 PM


  41. Posted by What? | October 16, 2012 at 5:31 PM

    The fuck up with the comment section?

  42. Posted by Former DB IT Hamster | October 16, 2012 at 5:54 PM

    New / original comments format is horrendous.

  43. Posted by Mercer Consulting | October 17, 2012 at 12:05 AM

    I think he would have stayed for $1.10

  44. Posted by Dick Bove | October 17, 2012 at 6:54 AM

    Nope it's me

  45. Posted by Chuck Prince | October 17, 2012 at 6:59 AM

    I'm still available. It cant get any worse from here anyway.

  46. Posted by guest | October 17, 2012 at 8:05 AM

    Hey man, leave some exclamation marks for the rest of us

  47. Posted by guest | October 17, 2012 at 8:31 AM

    what r u talking about. i love the firm.

    -tom cruise

  48. Posted by B Iteme | October 17, 2012 at 9:47 AM

    They have replaced him with a man who has CTE.

  49. Posted by Ken L. | October 17, 2012 at 9:55 AM

    Yeah – that acquisition sure did suck.

  50. Posted by jack black | October 17, 2012 at 12:45 PM

    please go away