Posted on 06/09/2009 8:47:30 PM PDT by FromLori
Ugh. Why does Timmy insist on making thing worse? Read » Earlier today we mentioned that the government should be considering seizing Citigroup and breaking it up. Unfortunately, it seems that the Obama administration is going in the opposite direction: protecting Citi's chief executive from FDIC bosslady Sheila Bair, who has been agitating for changes to Citi's top management.
It looks like Treasury Secretary Tim Geithner has become Pandit's best friend in Washington.
Bill McConnell of the Deal explains:
The $58 billion stock swap was reportedly held up as the Federal Deposit Insurance Corp. chairman pressed to have Pandit replaced with an individual with commercial banking, rather than investment banking experience. Citing "people with knowledge of the Treasury Secretary's views," Bloomberg said Geithner insists that Pandit's turnaround plan be given time to work.
The notion that Bair was trying to push out Pandit was first reported in the June 5 Wall Street Journal. Reports that she has been defeated only one business day later raises doubt about the veracity of the initial report of her meddling.
Given that the Fed, not the FDIC, is Citi's primary regulator, it would be a breach of protocol for Bair to press hard for the ouster of an executive on the fringes of her jurisdiction. But a great way for her rivals to undermine her would be to leak news of her straying beyond her authority and then being slapped back.
When Congress marched all the bank CEO’s up to Capitol Hill, it was Pandit who licked their boots the most.
It was a pretty disgusting display, but since he was/is the biggest cheerleader for this monstrous corporate welfare giveaway, its no shock he is protected by little Timmy.
Well they were the biggest donors to the obaminations inaugeration you know so it is little wonder and another leftist durbin just said the banks own the place.
But the screechers peddling this crap need a life.
Mainstreet Americans stiffed their bankers for $2 trillion in bad debts in the last 2 years. They promised to pay it and then just didn't and walked off. Do you regard this as a digusting display?
What conceivable benefit is there to me in destroying a major American bank like Citigroup? Why on earth would I want that to happen?
Explain. Rationally, without class warfare crap or snide ad hominums that always miss the mark.
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