Wednesday, October 17, 2012

How to make a billion and be useless at the same time

Bandit © fintag

News comments:
Fintag's favorite useless man has made his billion.

Whilst the world watched a couple of bickering presidents battle of over that job, Citi let go its most useless CEO ever - and he walked away with a billion. The man sold his hedge fund to Citi and enriched himself and his mates who then came over and ran Citi. He will almost certainly strip the bank of more cash as he leaves and sets up a new hedge fund to be seeded by Citi!

Money on the way in, money while in the job, money on the way out (pension et al).

Beers all round then.

Today's shorts:
Citi to be US only bank (seattle)

Citi has best cash flow forecasting (bloomberg)

Today's longs:
Pandit does his 5 years (reuters)

Citi continues cost cutting and is to rename itself C.