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Former Citigroup CEO Vikram Pandit never did his Zen garden high above Park Avenue. But if he moves quickly enough, he could soon be relaxing in a truly transcendent retreat conveniently located between his New York base and his Indian ventures, as well a near enough to Silicon Valley for a budding fintech mogul. Although, this being Newport Beach, he might want to make sure that peace won’t be shattered by the proximity of a certain “angry billionaire with a short fuse.”

The home has a distinctive teak entryway with a Japanese-inspired garden. The garden’s koi pond appears to vanish under the home and reappear on the other, ocean-facing side…. [Seller Valaree] Wahler… said she employs workers for as much as three months of the year to maintain the property’s elaborate teak detailing, which requires regular sanding and revarnishing.

A small price to pay (on top of the $58 million asking price) for mental serenity. On second thought, maybe Gross—who clearly needs some sort of chakral rebalancing—should buy it himself.

In Newport Beach, a Cliffside Home With Its Own Zen Garden Asks $58 Million [Mansion Global]


By World Economic Forum [CC BY-SA 2.0], via Wikimedia Commons

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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

Vikram Pandit Printing Up New Business Cards

Uncle Vickles is back in the game.