FDIC FOIA Discloses Pandit Future Could Promptly Converge With That Of Ken Lewis

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Thu, 10/01/2009 - 16:12 | 85621 Daedal
Thu, 10/01/2009 - 16:19 | 85634 Anonymous
Anonymous's picture

Vikram Bandit, heading to a slammer near you!

Thu, 10/01/2009 - 20:56 | 86002 Tesla
Tesla's picture

Why? He came in after Prince made the big mess.

Thu, 10/01/2009 - 16:20 | 85636 Anonymous
Anonymous's picture

hmmmmm why a meeting with Meredith Whitney? This kind of nonsense should not be allowed.

Thu, 10/01/2009 - 16:41 | 85678 Cognitive Dissonance
Cognitive Dissonance's picture

Maybe Sheila can't trust her own in-house assessment of the banking industry and she wanted to get an outside view from a non biased analysis?

Or maybe she wanted a little girl on girl action?

Either explanation sounds OK to me.

Thu, 10/01/2009 - 17:05 | 85719 I am a Man I am...
I am a Man I am Forty's picture


Thu, 10/01/2009 - 17:07 | 85725 Mos
Mos's picture

Your second scenario is not ok with me considering, how shall I put this, the "characteristics," of the two parties.

Thu, 10/01/2009 - 16:50 | 85695 Screwball
Screwball's picture

Whitney upgraded GS on July 13th.  I had to look it up.  Don't know why, just did.

Thu, 10/01/2009 - 18:00 | 85804 Anonymous
Anonymous's picture

How goddamn convenient - meet w/ Bair on Thursday, July 9 - upgrade Goldman Sachs the following Monday, July 13th. Coincidence?

Thu, 10/01/2009 - 20:36 | 85980 MinnesotaNice
MinnesotaNice's picture

My thoughts exactly...

Thu, 10/01/2009 - 20:17 | 85959 Cursive
Cursive's picture

I noticed this as well.  Posted far below before I read comments.  Good catch.  I'm sure they were only discussing the newest swim suits, how to hide cellulite in the summertime, which Hampton cottage is the most coveted, etc.

Thu, 10/01/2009 - 16:21 | 85639 Rama V
Rama V's picture

Re: "secondary source monologues (we prefer the British spelling)"


The reference to UK spelling explains why Marla was earlier working her figures on a napkin.  Ideally she used a pencil so that she could simply whip out a rubber to correct her mistakes.

Thu, 10/01/2009 - 16:45 | 85686 Cognitive Dissonance
Cognitive Dissonance's picture

Jolly good show old chap. Rubbers it is then!

Thu, 10/01/2009 - 20:40 | 85983 deadhead
deadhead's picture

i am glad to hear that Marla practices safe sex and all that.

Thu, 10/01/2009 - 16:24 | 85644 Anonymous
Anonymous's picture

VP sold his hedge fund to citi for 800,000,000 usd which promptly crashed and as a reward for this great trade somehow became CEO of a massive global retail banking empire...guess reading "banking for dummies" cover to cover 5 times was not a substitute for the 20 years of experience that were actually needed.

Thu, 10/01/2009 - 16:25 | 85647 Anonymous
Anonymous's picture

Outside consultants never bring good news for management. It's a cue to clean out your desk.

Thu, 10/01/2009 - 16:27 | 85650 ghostfaceinvestah
ghostfaceinvestah's picture

Pandit has no business running a commercial bank.  No wonder Bair doesn't meet with him, what would they talk about?  Like he has any clue how their FDIC-insured entity actually runs?

Thu, 10/01/2009 - 16:29 | 85655 buzzsaw99
buzzsaw99's picture

Apologies if this Daily Show link has already been posted:


Thu, 10/01/2009 - 16:31 | 85661 Anonymous
Anonymous's picture

Matt Golstein always does excellent work. Lucky for you he's avaiable to link to

Thu, 10/01/2009 - 16:33 | 85664 Anonymous
Anonymous's picture

Hey, wait a minute. Am I the only one that can read the text that's been blacked out under b8 rules?

For example:

June 2, 2009 3:00pm
Meeting with Dick Parsons, Citi

June 22, 2009 4:00pm
Meeting with Dick Parsons, Mr. Grundhofer, and Mr. O'Neill

I didn't look any further, but I've seen this stuff happen before - someone thinks that running a black marker over some text on a printout will hide that text from a scanner. News flash: it won't!

Ze Cacetudo | The Daily Hype

Thu, 10/01/2009 - 16:51 | 85684 ZerOhead
ZerOhead's picture

You're the only one who bothered to zoom in...

Christ...  these FOIA requests hold nothing back... can't wait to see if the Fed uses the same shitty chinese marker...

Someone is going to loose their job over this one.

Thu, 10/01/2009 - 16:58 | 85706 Anonymous
Anonymous's picture

Yes, I believe someone will be (and should be) fired for this. I think the same sort of thing has happened before, so they should have known better.

But still - they screwed up, we get a little more sunlight! I share your sentiment about the inevitable b8 redactions on the Fed's FOIA requests, assuming those see the light of day.

Ze Cacetudo | The Daily Hype

Thu, 10/01/2009 - 17:01 | 85711 deadhead
deadhead's picture

that marker thing is beautiful...

i can hear the "oh shit-o-meter" going off.

sheila, why the hell you blocking out the meetings with citi and wells????


Thu, 10/01/2009 - 17:13 | 85735 ZerOhead
ZerOhead's picture

Personally my favorite was the Aug 11th three o'clocker with Gregory Curl the Cheif Risk Officer down at B.O.A.

Wonder what that was all about....

Thu, 10/01/2009 - 17:30 | 85754 deadhead
deadhead's picture

Bair: "Nice to meet you Mr. Curl. Please do exactly the opposite of your predecessors because my agency cannot afford you not to"

Thu, 10/01/2009 - 17:44 | 85783 ZerOhead
ZerOhead's picture

Better that than...

"Houston... we have a problem..."

Thu, 10/01/2009 - 19:22 | 85902 Miles Kendig
Miles Kendig's picture



I imagine they are still on the adolescent should we or shouldn't we action. If they ever grow up we had better take notice.

BTW, the black marker has been the joy of Archives diggers for a while now. 

Thu, 10/01/2009 - 20:12 | 85954 Careless Whisper
Careless Whisper's picture

They can't even black-out something properly. Gives incompetence a new meaning. Maybe ZH should have a bake sale and donate a paper shredder for Sheila.

Thu, 10/01/2009 - 22:07 | 86048 Miles Kendig
Miles Kendig's picture


Or just a dime store exacto knife.

Fri, 10/02/2009 - 20:17 | 87260 Hephasteus
Hephasteus's picture

Hiding things is all fun and games until the scanners show up.


Thu, 10/01/2009 - 16:34 | 85667 J.D. Swampfox
J.D. Swampfox's picture

Chairbair has little influence over the big banks...that's all Bernanke's sphere.

Thu, 10/01/2009 - 18:46 | 85862 Hephasteus
Hephasteus's picture

She's a vital rule bending consultant. Assessing risk of rule bending. She has enormous influence. LOL

Thu, 10/01/2009 - 16:36 | 85668 Anonymous
Anonymous's picture

Actually check out Reggie Middleton and you will see that JPM is the one most likely to take down the country in one swoop:
Go to this link, click accept and enjoy!!

Thu, 10/01/2009 - 16:38 | 85671 jm
jm's picture

Pandit didn't make the mess.  But Pandit is basically a quant, and he put his head down and tried to patch up risk management.  Even now, it doesn't seem a viable task.   

He will never fit as CEO: he has no vision like a typical CEO.   But he deserves better than to get thrown out like trash because he rubbed Sheila Bair wrong.

Thu, 10/01/2009 - 17:22 | 85745 Anonymous
Anonymous's picture

when through reckless behavior you are at the
mercies of the government one's wishes of
fate are as meaningful as fairies and flying

Thu, 10/01/2009 - 22:26 | 86063 Anonymous
Anonymous's picture

jm ...i think you spelt quant wrong. he is certainly a total quant. leverage made possible by too many cpu's and lots of complete and utter quants like v.p. who should have stuck to electrical engineering caused this mess.

Fri, 10/02/2009 - 06:50 | 86187 jm
jm's picture

I admit that "deserves better" was a stupid thing to say.  Deserves is nothing in this world.  I saw a comment about him going to the slammer, and it pissed me off a little.

Personally he may have been a cock. Traders down on him, bankers very down on him--not saying they are wrong to be. 

But he took $1 this year and no bonus (he may sneak one in yet) to untie a gordian knot. 

Thu, 10/01/2009 - 16:39 | 85674 Anonymous
Anonymous's picture

Goldstein is one of the best financial muckrakers out there these days. Kudos Matt

Thu, 10/01/2009 - 16:40 | 85679 Sqworl
Sqworl's picture


Thu, 10/01/2009 - 16:46 | 85688 Careless Whisper
Careless Whisper's picture

"...since Ken Lewis became the fall guy for Wall Street a month ago compliments of Jed Rakoff and everyone else, that jumped on that bandwagon."

Kenny boy isn't taking the fall for anyone but himself and his lies and his bad business judgement. Judge Rakoff didn't start any bandwagon, he just wants individuals to be accountable.

And WTF did you do with Tyler?

Thu, 10/01/2009 - 16:50 | 85694 Tyler Durden
Tyler Durden's picture

"diversion" is probably a better word in retrospect. with his charade no longer key, other CEOs can take their turn in line.

Thu, 10/01/2009 - 19:33 | 85911 Miles Kendig
Miles Kendig's picture

Which is a key to a noteworthy unwinding Tyler as I am sure you appreciate.  Once the C-Suite realizes that they elicit all the care & consideration of Bernanke that a Ukrainian foot soldier did to Zhukov, most likely even less, then you had better have some enhanced means of keeping up with the rapid increase in flow.

Thu, 10/01/2009 - 17:01 | 85710 Anonymous
Anonymous's picture

Pandit is a joke, along with most the lords of finance. He set up an interest rate arbitrage hedge fund to borrow short to pay for higher yeilding long term assets. In effect a ponzi scheme. The guy was considered the smartest guy in the room for doing this. It blew up and cost citi about a billion. This isn't finance, it is bull shit. Like most of the masters of the universe, he's smart, but the real way you get ahead is being a confirmed member of the Ponzi scheme. "don't tell on us and we won't tell on you and we will all the rich even when this crap you are pushing blows up, nod, nod, wink, wink"

Thu, 10/01/2009 - 17:36 | 85764 Anonymous
Anonymous's picture

bullshit does as bullshit is...

he was too clever by half....the smart ones
are always so full of themselves that they
blow up like a constipated sausage...

Thu, 10/01/2009 - 18:05 | 85810 Problem Is
Problem Is's picture

Wow. Here are some ANONYMOUS blasts you can believe in.

You ANONYMOUS guys are on fire... or is it you the ANONYMOUS guy is on fire?

Thu, 10/01/2009 - 17:03 | 85717 Anonymous
Anonymous's picture

Has this Pandit guy ever did anything right except for stuffing his pockets? His hedge fund (Old Lane Partners) was a complete failure which had to be bailed out by Citi. His MS career was less than stellar. He is completely clueless about what's going on and hasn't done anything to split up this monstrosity. Wtf is he doing here?

Thu, 10/01/2009 - 18:02 | 85808 Problem Is
Problem Is's picture

Are you nominating Pandit for the:

Robert "What Me Worry?" Rubin, 2009 Cheese Dick of the Year Award?

An excellent candidate you put forward, sir, if I do say so myself...

Thu, 10/01/2009 - 17:12 | 85732 Anonymous
Anonymous's picture

bandit rose according to the peter principle...now that bair is about ready to bite his off, we can watch citi get dismembered as it so richly deserves....

citi was an accident waiting to happen - too big too abstruse and too poorly managed.....good riddance to both of them....and i hope someone doesn't forget to put a torch to his head on the way out....these asswipes are a blight on humanity.....

Thu, 10/01/2009 - 19:34 | 85915 Miles Kendig
Miles Kendig's picture

All part of the squids plans.

Thu, 10/01/2009 - 18:19 | 85827 Stevm30
Stevm30's picture

Christopher Flowers August 11th?  What's that all about?

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