I’m nervous

Sheila Bair, who served as chairman of the Federal Deposit Insurance Corp during the crisis and its aftermath, levelled fresh attacks at Mr Geithner, the Obama administration, fellow financial regulators and bankers such as Vikram Pandit, Citi’s chief executive, in a new book that has laid bare policy disagreements of the past few years…Ms Bair criticises Mr Pandit for a lack of commercial banking experience and says she tried to force him out. Ms Bair was “pushing hard” for Jerry Grundhofer, former chief executive of US Bancorp, to replace Mr Pandit. Citi’s board “could have done so much better than Pandit,”  Ms Bair wrote…Taxpayers were unnecessarily put at risk and Citi, despite its weakness at the time, was allowed to avert nationalisation, a forced reorganisation or meaningful restrictions on its activities, Ms Bair alleges. “The public justifiably wanted retribution. Citi should have been led to the pillory,” Ms Bair writes. [FT via Heidi Moore]

“Greg Smith got his 15 seconds of lame fame which is all it is. If he was a man and not a mouse, he would have taken the high road and become part of the solution – he would have become an agent of change. Instead, he’s just a quitter who never gave management an opportunity to respond before he verbally strafed the entire firm in print.” [85Broads]

  • 03 Jan 2012 at 5:59 PM

Bonus Watch ’11: How Much Do You Want It?

It would probably be safe to say that many of you came back to work today with one thought on your mind: this year’s bonus for last year’s work and, to that end, the hope that it would include at least 6 zeros. Here’s the rub: your firm may or may not have made any money last year. What’s a financial services employee expecting zilch to do? If you’ve ruled out resigning yourself to taking up the tailpipe or missed your chance to rob a Wells Fargo practically begging for it, the question you need ask yourself is, which is more important to you– money in the bank, or Mr. Fluffernuterbojangles Jr, who you’ve had since college? Read more »

This is BofA Director of Public Policy James Mahoney making the offer:

Read more »

Appearing outside the courthouse after being sentenced to 30 months in prison for her role in the Galleon insider trading case, cracking herself up, Raj Rajaratnam’s number one gal told reporters that should she run into legal troubles again, she’d appreciate it if the FBI “knocked on my door in the afternoon, not at 6AM” before she’s had time to make herself presentable. Read more »


Last week we met Toby Carroll, a New Zealand-born real estate analyst for HSBC currently stationed in Dubai, who’d spent the last two months in prison. Carroll had ended up there after his ex-girlfriend, Priscilla Ferreira, found him and a new girl, Danielle Spencer, in his apartment and proceeded to start slashing curtains, furniture, etc, and go after the Danielle with a knife. The police were called and all three were put in jail because in Dubai, sex outside marriage is illegal.

Today brings word that Carroll, who friends describe as as “a fun-loving party boy who was dedicated to his job, a snappy dresser who liked women but wasn’t womanizer,” has been released from prison. So, that’s good news! Unfortunately, some other details seems to suggest things aren’t going to be so great for him in the near term. Read more »

Per the complaint, this note, which went to a CFTC staffer, was accompanied by the subject line “You’re not getting away with this…Merry Christmas!”

Here’s another sent 16 hours later to the chairman of the CFTC one involving midgets. Read more »