Citibank: What is the problem?

Wednesday, November 19, 2008

Citi is in turmoil again...a couple of decades ago Walt Wriston said 'Countries don't go broke'..a few countries and a near bankruptcy later John Reed took over Citibank. A no-nonsense manager, from my alma mater, John Reed over-hauled the entire operations of Citi and made it ready for the 21st century...a powerhouse financial institution that John Reed rode to great heights. I bought Citi stock at a buck and a half when John took over and sold when John left..unceremoniously, at over $60.

Since then we have a sad tale of cowboys and losers...ego and malfeasance. Sandy Weill...Chuck Prince and now Vikram Pandit....string of losers based on results not their personal pocket book.

Vikram Pandit left Morgan Stanley over differences with the CEO...
Vikram Pandit started Old Lane hedge fund and made a bull market for the ages...
Vikram Pandit sold Old Lane to Citi and joined head of Alternative Investments...
Old Lane and Alternative Investments have blown up
Vikram Pandit named CEO of Citibank....Citi shares are down 75% since he took over

Citibank used to be a scary competitor..Now it is just scary.

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