Citi gets $20 bn bailout.

I did see the interview and have to say, With no respect to Pandit, ( complete contempt actually ) He is an shameless obnoxious jerk who did not acknowledge the reality of the situation that Citi is in and that he is part of the problem.  Kept talking ( boasting actually ) about the size and scale of operations of Citi. Completely blind to its profits or lack of it actually. ( In Typical suit boot wala behavior )

It has the worst return ratios of any large bank. Just scaling up in size does not scale up profits. ICICI should learn from this mess and relook its strategy.


As far as the Highly educated MBA's tag. I would call them dumb Programmed fools.


Edited by Mohan - 27/Nov/2008 at 9:19pm

Originally posted by PrashantS Mr mohan we have no right to say someone is shameless...btw it is not easy to fit into such position.No bank will come and accept its real numbers including our own banks.In markets nothing is all safe...so i hope u dont condemn anyone just like that

 Blaming on Pandit is like firing gun too soon without judging the ground reality...after all he was not the one responsible for current Citi condition.

Citi grounded

Business Standard / New Delhi January 29, 2009, 0:59 IST

After US politicians raised a stink over Citigroup’s plans to spend $50 million to buy an executive jet, the bank has cancelled its plans. Reuters quotes a person familiar with the deal to say the jet in question was a Dassault Falcon 7X. The bank has been quoted as saying that it will have to pay millions in terms of penalties for cancelling a deal it had entered into way back in 2005 — presumably this is less costly than the possibility of turning Congress against it, especially since the bank could just need to go there again for another bailout. Corporate jets are a big thing with Congress — when the chiefs of Big Auto firms came to Washington to plead for a bailout, the fact that they flew in on separate corporate jets had become a big issue as well.