New York Magazine: The Dysfunctional World of Citigroup

The more we learn of the decline and fall of Citigroup (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.

Comments

[The Good Ne...:]

Vernon,

I agree that it is sad that we have kept these inept money managers in these top positions. Perhaps we could look at capable management teams at mid-tier banks and transplant them into the board rooms of the "elite."
mast-economy.blogspot....

Mar 18 03:52 AM

[shocked !:]

It is sad to see how the media and the "analysts" play up everything. It is a complete herd mentality - have not seen anything well researched original in most of the articles. The data quoted is incorrect to blatantly false in some cases. It is also surprising how the media play up annual comp, but fails to highlight that 90% of the comp will only kick in when the stock price gets to 4X the CMP.. these details are conveniently left as small print.. This is just playing up the masses.. not sure what purpose it serves.. This is goebbels at his best !

Mar 19 11:51 PM