hobbies

“Ex-Bloomberg employees (this Alphaville contributor included) have been aware of the power of UUID for a long time. It’s only one of the, erm, “informational advantages” that comes from working at Bloomberg. Another prominent one being the internal database reporters are required to contribute to on a regular basis. That database includes personal contact details of their sources – readily accessible to other Bloomberg employees – as well as personal details such as the names of their children, favourite foods and hobbies.” [FT Alphaville, earlier]

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, though, if you really think about it, not so surprising, as whipping morbidly obese companies into shape just really isn’t Vikram’s thing. Even he’ll tell you that.

“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? Read more »

Just because their manipulation of Libor has gotten the most notice doesn’t mean it’s the only thing like to mess with. Don’t box them into that corner, like your one-trick ponies at Barclays. Read more »