Wednesday, January 14, 2009
Prince and the Pandit
NYT reports Citigroup may split in two. Notice that they try to portray Vikram Pandit as the cause of the bank's problems, and project predecessor Charles Prince as more sensible. Prince was the fool who got Citigroup mired heavily in sub-prime related mortgage assets. Pandit took over after that, so I don't see how he's the problem. I find NYT's version of events to be fishy.
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chuck prince was -- for heaven's sake -- a bloody lawyer whereas vikram pandit is a solid banker! prince had no idea what was going on. he was led by the nose by the likes of robert rubin (who recently retired from his advisory role at citigroup, pocketing $120 million in the process) who does know banking, and who was instrumental in overturning glass-steagall. but then rubin is a democrat, and so the atlanticists will never blame him. yeah, blame the brown guy.
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