As you know, Wednesday night was a big night for Uncle Vik. Despite the fact that Jay-Z was a no show, Pandito had a ball while being honored at a gala dinner benefiting the New York Police & Fire Widows’ & Children’s Benefit Fund. During the charity auction part of the evening, the Citi CEO bid $9,000 for a day of training at the NYC Fire Department, which he very well could’ve selfishly used himself. Rather than being put through the paces, however, generous Vikram will said that he will be raffling off the prize to one very lucky Citi employee, so watch out for one of those massive lottery wheels in the lobby soon.
Despite the fact that he is a rolly polly ball of smiles that had the good sense to sell his hedge fund to Citi for a billion dollars, as the CEO of the Treasury’s special needs child, Vikram Pandit does not have a lot to look forward to, other than the day he “makes more than $1.” So when the word got out several weeks ago that he was going to have the opportunity to meet one of his idols, he got pretty psyched Naturally, the idol I speak of is Mr. Jay-Z. Read more »
First of all Citigroup has..$180 billion in cash, and I believe they have another $60 billion in securities which are guaranteed by the US government, treasuries or agencies. So what we are talking about is roughly 11%, or one out of every $9 on Citigroup’s balance sheet is cash. That is an unusually high number. It is extraordinarily strong and it would suggest that the balance sheet is in very good condition…The company is over-capitalized. The company has excess liquidity and that is the basis of growing the earnings at an unusually rapid rate into the future and if people are buying stocks based on what is supposed to happen in the future, as opposed to the Iliad or ancient history then I think Citigroup’s balance sheet looks pretty good.
Earlier we mentioned that after getting his hopes up vis-a-vis earning more than a buck a year, the Citi board had decided its commander in chief would not get a raise from his current salary. Such is not the case. Read more »
The past couple years have been something of a kick the pants for Vikram Pandit and certainly not what he was expecting when he agreed to take on the role of Citi CEO in exchange for almost a billion dollars, plus the keys to his lemon, otherwise known as Old Lane. Previously a smiley, jolly fellow of a sunny disposition, he lost weight and found himself in something of a funk. Then, in April, things started to look up. “Vikram is looking and sounding a lot more confident and secure,” a top lieutenant told the Times. “He has a smile on his face.” And why? “He sees the day when he is going to earn more than a $1 a year.” Today, someone felt the need to come along and knock the wind out of those sails (of hope). Read more »
Apparently, yes. We’re told the “majority if not everyone” from the Houston energy office, headed by Stephen Trauber and said to be considered “the best division at UBS,” walked out last night and is headed for Citi. Read more »
Recently, Mike Mayo has gotten into a bit of public with Citigroup. To recap, a few weeks back, the analyst started telling clients and whoever else will listen that the bank is inflating its profits and needs to a write down $50 billion of deferred-tax assets. For the offense, Citi apparently froze Mayo out, denying him any and all access to Vikram Pandit. This, being the worst thing you can do to a person, made Mayo hit harder, musing that maybe we can’t trust Citi at all. Somewhere along the way Charlie Gasparino got wind of all this and made it public, meaning Citi had to be all, “Mike Mayo? LOVVVVE him. There’s no freeze out, Vik’s just been really busy finalizing his fantasy football team, is all.” Citi has graciously extended an offer for Mayo to come over on October 1, which he’s accepted, at which time they probably think a little face time and sweet talking from Uncle Vik will be all that’s necessary to get Michael to upgrade Citi to “fucking awesome” in his book. According to Charlie Gasparino, that may not be the case. Mayo’s next note will more likely be along the lines of “we are about two quarters from consigning this dump to the scrap heap of corporate history.” Read more »