Pandit Steps Down as Citigroup CEO
In a development that may please Truthdigger of the Week Sheila Bair, Vikram Pandit, the man who was in charge of megabank Citigroup during the financial crisis, left his job abruptly and with little explanation on Tuesday.
In a development that may please Truthdigger of the Week Sheila Bair, Vikram Pandit, the man who was in charge of the megabank Citigroup during the financial crisis, left his job abruptly and with little explanation on Tuesday.
As chair of the Federal Deposit Insurance Corp., Bair lobbied to have Pandit fired during the fallout of the crisis in the belief that he would not rein in the company’s reckless investment gambling. Pandit had earned $261 million during his six-year tenure as CEO.
— Posted by Alexander Reed Kelly.
TRUTHDIG’S JOURNALISM REMAINS CLEARThe Guardian:
The US investment bank said on Tuesday Pandit had stepped down as chief executive and left the company’s board with “immediate effect”.
Citi said Pandit will be replaced by Mike Corbat, the bank’s current head of Europe, the Middle East and Africa.
Pandit said it was “the right time for someone else to take the helm at Citigroup” after the bank “emerged from the financial crisis as a strong institution”.
The storytellers of chaos tried to manipulate the political and media narrative in 2025, but independent journalism exposed what they tried to hide. When you read Truthdig, you see through the illusion.
Support Independent Journalism.
Lessons learned from the 2008 financial crisis show that taxpayer-funded blank checks to institutions do nothing to help those struggling
Its ruling on whether to make it easier for the president to fire the consumer financial law enforcement chief could affect other agencies.
A Business Roundtable statement about the purpose of corporations shows that ruling elites fear their crimes are coming back to haunt them.
The 43rd president—besides leaving the domestic economy in ruins—bequeathed a disastrous foreign policy.
The U.S. government is unnecessarily feeding the “financialized” economy in which money makes money without producing new goods and services.
Seth Frotman, in a scathing resignation letter to acting director Mick Mulvaney, says the agency “has turned its back on young people and their financial futures."
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.