Treasury's test may force ouster of Citi's Pandit

New York Post ^ | April 24, 2009 | Mark DeCambre

[Raster Man]

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

[Raster Man]

In this case, I am all for Pandit getting the boot. He is in way over his head, and he has no experience running a major corporation. He went from college professor to Wall Street, making over $300 million when he sold his Old Lane hedge fund to Citigroup for $800 million. But Old Lane was just a mirage built on sub-prime mortgages...when the house of cards collapsed, Citi wrote off the entire investment.

[the_Watchman]

Good catch about Pandit. However, I have mixed feelings. It would be good to see someone who burned CitiGroup with a flimsy hedge fund get the boot. On the other hand, I don’t want Obama to get away with strong-arming the banking industry and strengthening his position.

[pnh102]

Sucker. Next time don’t demand a bailout from the government.