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Thread: Treasury's test may force ouster of citi's pandit

  1. #1
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    Treasury's test may force ouster of citi's pandit

    Citigroup CEO Vikram Pandit's job security is increasingly in jeopardy as momentum grows in Washington to oust him.

    With the bank stress tests wrapping up, sources tell The Post that regulators think they might have to make the bold move of removing Pandit to signal Washington is taking as hard a line with the banks as it did with General Motors when it effectively ousted GM CEO Rick Wagoner.
    BANK STRESS TESTS MAY LEAD TO REMOVAL OF CITIGROUP CEO VIKRAM PANDIT - New York Post


    Citi just posted a profit... and they want to fire the guy.

    He came in in 2007...

    The US Government has no right to force Citi to do anything.

    How many people really support this sort of "action" by the WH?
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: Treasury's test may force ouster of citi's pandit

    Quote Originally Posted by MrVicchio View Post
    BANK STRESS TESTS MAY LEAD TO REMOVAL OF CITIGROUP CEO VIKRAM PANDIT - New York Post


    Citi just posted a profit... and they want to fire the guy.

    He came in in 2007...

    The US Government has no right to force Citi to do anything.

    How many people really support this sort of "action" by the WH?
    A lot of people I think would upport it:


    The bank reported a $1.6 billion first-quarter profit on April 17, thanks to trading gains and an accounting benefit for distressed companies. Since then, the stock has tumbled 27 percent to $2.94 in New York composite trading on concern that the company will return to losses as mortgage and credit-card delinquencies rise.

    ‘Hall of Shame’

    Four proxy-advisory groups, including New York-based RiskMetrics Group Inc.’s ISS Governance Services and San Francisco-based Glass Lewis & Co., have called for the removal of directors. The American Federation of State, County and Municipal Employees, which oversees more than $1 trillion in pension assets on behalf of 1.6 million members, is campaigning against six current and former members of the board’s audit and risk management committee.

    “If there were a board Hall of Shame, Citi’s would be in it,” said Richard Ferlauto, AFSCME’s director of corporate governance and pension investment. “The board has failed, and the directors have contributed to the lack of oversight.”

    Citigroup Shareholders Wonder When U.S. Ousts Board (Update1) - Bloomberg.com

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    Re: Treasury's test may force ouster of citi's pandit

    Support it based on what grounds?

    What legal authority have they to take this action?

    None, just "well they took Tax payer money!"

    The USSA here we come, get out your guns ready, the revolution is coming.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: Treasury's test may force ouster of citi's pandit

    Quote Originally Posted by MrVicchio View Post
    Support it based on what grounds?
    That they lost a ton of money in the stock.

  5. #5
    Why so serious?

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    Re: Treasury's test may force ouster of citi's pandit

    Quote Originally Posted by winston53660 View Post
    That they lost a ton of money in the stock.
    How is that justification for the government to try to force this guy out?
    "I believe in a Spinoza's God who reveals himself in the harmony of all that exists, but not in a God who concerns himself with the fate and actions of human beings."

    --Albert Einstein, 1929

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    Re: Treasury's test may force ouster of citi's pandit

    Quote Originally Posted by Moon View Post
    How is that justification for the government to try to force this guy out?
    He asked if people could support it I pointed out that some could.

    Personally I do not think there is a right or wrong answer to the current. I do not see things that B&W.

  7. #7
    Why so serious?

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    Re: Treasury's test may force ouster of citi's pandit

    Quote Originally Posted by winston53660 View Post
    He asked if people could support it I pointed out that some could.

    Personally I do not think there is a right or wrong answer to the current. I do not see things that B&W.
    Well, I guess I was hoping for a rational, logical argument for that presumed support, not just that the share price had dropped, which would be an incredibly petty reason for the government to get involved.
    "I believe in a Spinoza's God who reveals himself in the harmony of all that exists, but not in a God who concerns himself with the fate and actions of human beings."

    --Albert Einstein, 1929

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