What a way to make an exit! From DealBook: Bank of America said late Wednesday that it would repay its entire $45 billion in government bailout money before the end of the year…“We appreciate the critical role that the U.S. government played last fall in helping to stabilize financial markets, and we are pleased to…
Vikram Pandit
Terry Keenan Stuffs This Year's Wall Street Turkeys
The New York Post‘s always acerbically witty columnist Terry Keenan lines up this year’s Wall Street Turkeys and knocks ’em down. The names on the list are fairly predictable even to the lay person, in light of how much ink our favorite captains of finance have recieved nationally this year. They include Vikram Pandit, Timothy…
Ken Lewis: Should I Stay or Should I Go (reprise)
[youtube=http://www.youtube.com/watch?v=bYxkvAwIjzQ] With trouble coming from both the SEC and the NY Attorney General over the Merrill Lynch acquisition, Ken Lewis is faced with a big decision – should he stay or should he go as CEO of Bank of America? With apologies to the late Joe Strummer, here’s Kenny doing his rendition of The Clash‘s…
Hot Links: Jim Chanos, Steven Seagal & the Zombie ETFs
Stuff I’m Reading this Morning… Abnormal Returns covers the concept of Zombie ETFs…a new development for this industry. (AbnormalReturns) Ain’t no party like a RothCap party ’cause a RothCap party don’t stop. (NYP) Not all bailout CEOs are created equal: Benmosche (AIG) vs Pandit (Citi). (BreakoutPerformance) The league tables for inflation rates throughout history…cool. (InfectiousGreed)…
What's that, Lassie? Vikram Pandit's in Danger? Again?
Everyone’s got their “Sheila Bair of the FDIC wants Citigroup’s Vikram Pandit Fired” thing up on their sites today. I beg to differ with most…Vikram Pandit Will Survive: ______________________________________________________ From the archives: February 26th 2009 [youtube=http://www.youtube.com/watch?v=ZBR2G-iI3-I] At first I was afraid I was petrified Kept thinking they would never let Our credit ratings slide but…
Morgan Stanley, Meet Smith Barney…Play Nice, Boys.
“Meet the new boss. Same as the old boss” – The Who, Won’t Get Fooled Again The Morgan Stanley Smith Barney (MS) experiment is underway. According to the AP, not much will change to start with, other than new business cards and a new phone greeting from the receptionist. The cultures of these two white shoe…
CEO Dead Pool: Pandit Vs Lewis
CEO Vikram Pandit Kenneth Lewis Company Going Against Him Slow to cut costs, snowballing losses, spins all results positively, voracious consumer of taxpayer funds Bad acquisition of Countrywide, worse deal for Merrill, bonus scandal, gorged on i-bankers at peak of market Going For Him Engineering background, Suaveness. Southern…
Citigroup's Greatest, Bestest, Most Wonderfullest Quarter Ever (since 2007)
Oh, Vikram. Can it be true? Are you really rolling and pushing the bloated, rotting whale corpse that is Citigroup slowly back into the ocean and thus, back to life? From the New York Times: Citigroup reported first-quarter net income of $1.6 billion, after posting a loss of $5.11 billion in the period a year…
Market Recap: Bulls on the Loose, Google in the On Deck Circle
The Reformed Broker, AKA Phat Albert, here with today’s Market Recap… A lot of churning in the markets this morning, but the resolution was clearly to the upside. The Dow Jones Industrial Average is now at the highest point since the wheels fell off in early February. The consumer recovery plays were the winners today, with everything…
Vikram Pandit: I Will Survive
[youtube=http://www.youtube.com/watch?v=ZBR2G-iI3-I] The New York Post is reporting that Vikram Pandit, current CEO of Citigroup Inc. (C) will survive in his position if the bank gets nationalized. Below is Vikram Pandit’s rendition of Gloria Gaynor‘s “I Will Survive“: _____________________________________________________________________________________ At first I was afraid I was petrified Kept thinking they would never let Our credit…
