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  • The SEC is taking a look at the circumstances surrounding the departure of Vikram Pandit from Citigroup (C), reports Fox news. Chairman Michael O'Neill told analysts Pandit resigned on his own, but other stories suggest the board demanded his resignation - potentially making O'Neill's statement a material misrepresentation. [View news story]
    Guess they killed the goose way too early... greedy wall st isnt able to wait till the bank is recovered from the previous mismanagement.. looks like we are heading into the same direction which caused the wreck!
    Oct 24, 2012. 01:20 PM | Likes Like |Link to Comment
  • Morgan Stanley (MS) and Citigroup (C) have delayed setting a valuation for their Smith Barney brokerage JV from this week until Sept. 10. The postponement comes as the banks squabble over MS's purchase of a 14% stake from Citigroup; the latter values its 49% holding in the JV at $11B, while MS's bid represents 40% of that estimate. Perella Weinberg has been brought to help settle the dispute. [View news story]
    Are you saying banks have to get into brokerage business? One of the reasons banks had become vulnerable in the first place was that they let their non core businesses lead them to reckless betting and also compromising their clients investments with their own interests.
    Aug 29, 2012. 09:37 AM | Likes Like |Link to Comment