Thursday, April 19, 2012

Citi's Pandit is a greedy man

Greed © fintag

News comments:
Stockholders are usually a sleepy lot but they are starting to wake up.

Take Vickram Pandit. Your classic investment banker. He left one bank, created a hedge fund and then sold it to another bank and then became its CEO. He sold Old Lane for a staggering $800 million and then got the top job at a top [Ed: Steady] bank. The man did very well indeed in anyone's book. He lives in a nice pad in NYC and has a large pile near his favourite golf course in Greenwich. But these are small pimples on his wealth and when he demanded $15m to match that of Geezer Diamond, he was told by these once sleepy investors that it was too much. The man should be on minimum wage for he runs a government sponsored charity.

Citi, like most big banks don't know what their purpose is anymore. They are so used to taking they have forgotten that their clients are no longer foolish idiots who will buy any old dream. Pandit is a very wealthy man and should have retired a couple of years ago.

It is sad to see his Greenwich home on the market; he should have sold it in 2007 when it was worth 4 times as much. Of course we are all envious of his sellout timing and we applaud his timing. What we don't applaud is his pension for life job at a bank that should have gone bust in 2008.

Enough moaning. Now back to shorting Spain, Apples and Tesco ...

Today's shorts:
Pandit (msnbc)

Today's longs:
Big House (clusterstock)

Pandit to head up the World Bank.