Dick Parsons

  • Dick Parsons

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    Three Possible Explanations For Dick Parsons’s Seemingly Pathological Lies About Playing College Basketball

    Two weeks ago, former Citigroup chairman Dick Parsons was named interim CEO of the LA Clippers, following the broadcasting of some unintelligible racist rambling that were somehow supposed to be foreplay by its owner, Donald Sterling. Over at Deadspin today, you will find a long investigative piece on Parsons’s career. It has nothing to do […]

    / May 22, 2014 at 4:42 PM
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    Richard Parsons: So You Want To Start Your Own Vineyard

    “You’re a farmer. You can’t control the weather. When you make a Brunello, you have to follow a set of rules. One is no interference with nature. You can’t irrigate in a dry year. I happen to like traditional methods. I’m kind of old school. If you’re someone who balks at following rules, you can […]

    / Apr 11, 2013 at 6:19 PM
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    Former Citigroup Chairman Surprised/Not Surprised By Vikram Pandit’s Departure, Has Some Vino To Sell You

    According to Dick Parsons, who stepped down as chairman of Citi in March because Mike Mayo told him to, last week’s news that Pandit had left the building for good was “somewhat” surprising, while at the same time, sort of expected, because whipping morbidly obese companies into shape just really isn’t Vikram’s thing.

    “You need seasoned, honed managers who can cause a 250,000, 300,000-personnel organization to march” with direction, Parsons said in a weekend interview at his Tuscan vineyard in Montalcino, Italy. “Vikram will tell you, ‘That’s not my bag.’” Pandit, 55, produced “every good idea that we had” to prevent Citigroup’s collapse during the financial crisis, Parsons said. New CEO Michael Corbat, 52, who previously ran the Citi Holdings unit, is well-equipped to lead the firm as it cuts costs and sells unwanted assets, the ex-chairman said. “Mike Corbat, who I knew back in the day when he ran the Holdings operation, is just that kind of man,” said Parsons, 64, adding that he was “somewhat” surprised by the timing of Pandit’s exit. “The transition and change was, in the long term, not inevitable but appropriate.”

    Anyway, who wants wine?

    Parsons, visiting his Il Palazzone vineyard to inaugurate a cellar, said regulatory pressures will still be a challenge for the new management team. “Externally, it’s still going to be tough,” said Parsons, sipping a glass of his 2004 Brunello Riserva as he sat outside a stone house set on an ancient trail from Frankfurt to Rome. “To some extent, the regulatory/political community is still almost at war with the big banks.” Nelson Rockefeller introduced Parsons to fine wines. He plans to turn the hobby into a profitable business by doubling production of red wines that retail in the U.S. for as much as $130 a bottle.

    Parsons Sipping Red Wine Calls Pandit Exit ‘Appropriate’ [Bloomberg]
    Earlier: Vikram Pandit And Citigroup Not Yet On Same Page Re: Who Dumped Whom; Zen Gardens That Never Were: Vikram Pandit Doesn’t Have To Put Up With This Shit Anymore

    / Oct 22, 2012 at 2:16 PM
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    Dick Parsons Actually Gives Mike Mayo What He Wants

    Is Mike Mayo the most powerful man on Wall Street, able to bend CEOs and bank chairmen to his will with the greatest of ease? If you’d asked us days ago we would have said “Well he does have a varsity analyst jacket but eh.” Today? The answer is we have no idea but Dick Parsons is certainly helping make that case by not only complying with the demands of Mayo but doing so on his specified time schedule. [WSJ, Earlier: “I think that Parsons should leave in the next two weeks,” said Mayo on Feb. 23]

    / Mar 2, 2012 at 4:59 PM
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    Mike Mayo Suggests Citi Chair Dick Parsons Be Gone In A Fortnight

    For the last several years, Mike Mayo has had a fairly contentious relationship with Citigroup. Since telling investors to pull their money and run in October 2007, he’s warned people the bank is not to be trusted, detailed what he believes are Vikram Pandit’s cruel and unfeeling ways, and bitched about the fact that their ATMs […]

    / Feb 27, 2012 at 11:32 AM
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    Dick Parsons Assigns Vikram Pandit Some Homework

    “We’re not up to the level of earnings and profitability and sustained, responsible growth we know we can get this thing to,” Parsons told CNBC, ahead of the bank’s annual meeting in New York City. “I think that’s the assignment for this year.” [CNBC]

    / Apr 21, 2011 at 5:21 PM
  • News

    Here Are Some Things You May Not Have Known About Dick “Smooth Operator” Parsons

    As the Chairman of Citigroup, a position he’s held since February 2009, Dick Parsons sticks out a bit by comparison. Whereas Citi has at times been the world’s largest bloated, lumbering, diversified cathouse where, for a good while, nothing could go right, a highly flammable entity prone to one chaotic moment of shit hitting the […]

    / Mar 25, 2011 at 11:10 AM
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    Dick Parsons Explains Why You Can Be A F*ck Up On Wall Street And Still Find Work

    Pretty simple, really: nobody else has the skills to destroy investment banks, investor capital, etc. You think any shmoe on the corner could do that? I think not. Just like the NFL.

    / Nov 17, 2010 at 9:52 AM
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    Having Made Some Money For The First Time In A While, Citigroup Higher-Ups Free To Focus On The Real Issues

    As you might’ve noticed, things are on the up and up at Citi. The firm actually turned a ($4.4 billion) profit, the government said it would remove its foot from Vikram’s ass, and hey, did you hear? The bank has nothing to do with the shit going down at Goldman. What’s more, Pandit is his […]

    / Apr 21, 2010 at 11:15 AM
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    Dick Parsons: Give It Up For Vikram Pandit And All The Members Of Team Citi

    The Citi Chairman told Bloomberg today that his little CEO that could has done “a tremendous job” but “has not been given the credit that is due to him and his team. His team being all the people of Citi.” So take two today to figure out how to tell the Citi employee in your […]

    / Mar 22, 2010 at 2:40 PM
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    Lloyd Blankfein, John Mack, Dick Parsons Will Miss Meeting With Obama Due To “Inclement Weather”

    Sooo…this happened. Don’t worry, though, they’re gonna be conferenced in and won’t miss a thing (and Blankfein will get to do it sans pants, as is his wont. Everybody wins). Other excuses they considered going with: * All three had cramps (they’re on the same cycle) * Car trouble * Too hung over * Just […]

    / Dec 14, 2009 at 11:25 AM
  • News

    Citi “Hopes” To Repay TARP…..Someday

    Citi Chairman Dick Parsons is on board with the whole $45 billion TARP repayment thing, but isn’t quite so brazen as to issue a timetable that the bank will never meet. But this is not to say that Citi doesn’t have a credible, well thought out plan for addressing its massive bailout. Parson said Citi […]

    / Jun 15, 2009 at 3:52 PM

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