Sunday, March 08, 2009

Cry Yourself to Sleep, King Viki

In this regular installment of the Schadenfreude Chronicles, we see that Citi CEO Vik Pandit almost lost his job late last year. Of course, most of the problems at Citi precede VikiP -- including the decision to buy the Old Lane hedge fund, largely for its management team, headlined by one Vikram Pandit -- a decision that cost Citi over $1 BILLION in less than 2 years. Apparently Vik's track record of leading a complete failure of a business to be bought by a large, gullible multinational corporation has led the Treasury to believe that he is their best hope for finding a patsy to buy the bloated carcass that is Citi. As a former employee and current taxpayer/shareholder, I'm pretty fired up about the decision to keep the "leadership" team intact.

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