New York Magazine: The Dysfunctional World of Citigroup

Mar.18.09 | About: Citigroup Inc. (C)

The more we learn of the decline and fall of Citigroup (NYSE:C), the more obvious it is that the company has become a dysfunctional, unmanageable organization that’s being “run” by a hapless, egocentric management team.

In his story in last week’s New York magazine—which you really should read all of to get the measure of the disaster Citi has become—Joe Hagan makes it clear that Bob Rubin was the point man in running the company into the ground, that Vikram Pandit is in way over his head, and that the board is utterly clueless.

These people are supposed to be the smartest people in the universe, remember? And yet you, lucky taxpayer, get to bail all them out. What a disgrace.

As I say, read the whole article. It is an eye-opener.