Comments on: Vikram Pandit: $800 Million Dollar Man http://www.nakedcapitalism.com/2008/06/vikram-pandit-800-million-dollar-man.html Sun, 22 Nov 2009 19:08:53 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: expat http://www.nakedcapitalism.com/2008/06/vikram-pandit-800-million-dollar-man.html#comment-9480 expat Fri, 13 Jun 2008 03:29:00 +0000 http://www.nakedcapitalism.com/2008/06/vikram-pandit-800-million-dollar-man/#comment-9480 Citi sucks. Weill was a megalomaniac, serial takeover junky and a cold-blooded banker to the worst scum of Africa, gleefully laundering blood money.<br/>Chuck "Dancing Fool" Prince was an incompetent buffoon who was put in place for the sole purpose of protecting Weill from criminal prosecution. And now Pandit, a third rate hedge fund owner who has accomplished nothing.<br/><br/>Citi should not only be broken up, it should be smashed and burned. Citi sucks. Weill was a megalomaniac, serial takeover junky and a cold-blooded banker to the worst scum of Africa, gleefully laundering blood money.
Chuck “Dancing Fool” Prince was an incompetent buffoon who was put in place for the sole purpose of protecting Weill from criminal prosecution. And now Pandit, a third rate hedge fund owner who has accomplished nothing.

Citi should not only be broken up, it should be smashed and burned.

]]> By: Independent Accountant http://www.nakedcapitalism.com/2008/06/vikram-pandit-800-million-dollar-man.html#comment-9464 Independent Accountant Thu, 12 Jun 2008 17:40:00 +0000 http://www.nakedcapitalism.com/2008/06/vikram-pandit-800-million-dollar-man/#comment-9464 I read this article and think the WSJ spun it in a manner favorable to Pandit. The headline reads, "Citigroup to Close Hedge Fund: Blow to CEO". Was it a blow to Pandit, or is this what he bargained for all along? He goes to Citgroup and got "$165 million when Citigroup bought Old Lane". The WSJ writes, "Citigroup was forced to choose between pumping new money into it or shutting it down". I think when Citigroup "bought" Pandit, this was contemplated. <br/>Citigroup paid $800 million for Old Lane which was formed in 2006. Crazy! It paid a fortune for Pandit's "thick Rolodex". "Old Lane has essentially broken even since its inception". "Pandit was required to park in Old Lane about $100 million of his proceeds from the hedge fund's sale to Citigroup". HERE'S THE RUB! By closing Old Lane Citigroup freed up Pandit's $100 million. This transaction stinks to high heaven. "With Old Lane closing, Mr. Pandit will have to move that money to other Citigroup investment vehicles". Poor baby. All of Citigroup's directors should be forced out over this. Where's the plaintiff's bar to sue over "waste of corporate assets", or some such thing.<br/>Hey Citigroup directors, you can buy my Rolodex for a mere $80 million. Waddayasay? I read this article and think the WSJ spun it in a manner favorable to Pandit. The headline reads, “Citigroup to Close Hedge Fund: Blow to CEO”. Was it a blow to Pandit, or is this what he bargained for all along? He goes to Citgroup and got “$165 million when Citigroup bought Old Lane”. The WSJ writes, “Citigroup was forced to choose between pumping new money into it or shutting it down”. I think when Citigroup “bought” Pandit, this was contemplated.
Citigroup paid $800 million for Old Lane which was formed in 2006. Crazy! It paid a fortune for Pandit’s “thick Rolodex”. “Old Lane has essentially broken even since its inception”. “Pandit was required to park in Old Lane about $100 million of his proceeds from the hedge fund’s sale to Citigroup”. HERE’S THE RUB! By closing Old Lane Citigroup freed up Pandit’s $100 million. This transaction stinks to high heaven. “With Old Lane closing, Mr. Pandit will have to move that money to other Citigroup investment vehicles”. Poor baby. All of Citigroup’s directors should be forced out over this. Where’s the plaintiff’s bar to sue over “waste of corporate assets”, or some such thing.
Hey Citigroup directors, you can buy my Rolodex for a mere $80 million. Waddayasay?

]]> By: Tom Lindmark http://www.nakedcapitalism.com/2008/06/vikram-pandit-800-million-dollar-man.html#comment-9422 Tom Lindmark Thu, 12 Jun 2008 06:41:00 +0000 http://www.nakedcapitalism.com/2008/06/vikram-pandit-800-million-dollar-man/#comment-9422 I am glad you picked up on this. <br/>Here's a link to what I wrote a couple of months ago. http://blog.metro-real-estate.com/?p=351 <br/><br/>I hate to gloat (NOT!.) I am glad you picked up on this.
Here’s a link to what I wrote a couple of months ago. http://blog.metro-real-estate.com/?p=351

I hate to gloat (NOT!.)

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