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.

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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?

MrVicchio said:

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?

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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

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.

MrVicchio said:

Support it based on what grounds?

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That they lost a ton of money in the stock.

winston53660 said:

That they lost a ton of money in the stock.

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How is that justification for the government to try to force this guy out?

Moon said:

How is that justification for the government to try to force this guy out?

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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.

winston53660 said:

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.

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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.