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Vikram Pandit Gives His First Post-Resignation Interview: Live BBG TV Webcast

Tyler Durden's picture




 

Curious to learn just why Vik Pandit was given his marching orders with what appears to have been a one day's notice? Hear it from the horse's mouth direct courtesy of his first interview since quitting effectively several hours ago, with BBG TV's Erik Schatzker.

Highlights from the speech:

Pandit on whether he was pressured out:

"I've been thinking about this for a long time. It was my decision. I made it talking to Mr. O'Neill, and we did it understanding that the company was ready.

On what he could have done differently:

"It's hard to come up with things we should have done differently. I was first out of the box to raise capital. I feel very good about the decisions that we've made."

"The job was about transformation and turnaround, and we've done the turnaround."

"There are always bumps in the road. But the real issue to me is look at the five-year track record. It was never going to be a straight line."

 

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Tue, 10/16/2012 - 12:43 | 2895119 SDRII
SDRII's picture

Fail Forward

http://en.wikipedia.org/wiki/Michael_E._O%27Neill

In 1974 he joined Continental Illinois and moved to First Interstate Capital Markets in 1984 returning to Continental in 1989 to manage its mergers and acquisitions advisory business. In 1992 he became CFO of Continental. After Continental was acquired by BankAmerica he was head of its global equity investments division in 1994 and 1995. From 1995 to 1999 he was BankAmerica's CFO.[2][3]

In 1999 he became chief executive of Barclays Bank but resigned after two months because he had developed a arrhythmic heartbeat.[2] From 2000 to 2004 he was chairman and CEO of Bank of Hawaii.[2]

In 2009 he became a member of Citigroup's board of directors. In September 2011 he became chairman of the bank's Citibank NA division, and in March 2012 he was named chairman.[2]

Tue, 10/16/2012 - 12:55 | 2895143 Ahmeexnal
Ahmeexnal's picture

Downtown Berlin becomes lawless land as nazi teutonic-turkish gangs murder innocent foreigners:

http://www.thelocal.de/national/20121015-45563.html

Police are appealing for witnesses after a young man was beaten to death by a gang in the centre of Berlin early on Sunday morning, in what appears to have been a completely unprovoked attack.

Camden officials are warning their citizens to evade all travel to Berlin.  Inner city residents in Detroit, L.A. and Chicago have also cancelled their vacations to crime infested Germany.

In related news, an anonymous investor has awarded a free downtown Berlin walking tour to "Honorable" John Corzine and "Scumbag" Jamie Dimon.

Tue, 10/16/2012 - 12:59 | 2895193 Carl Spackler
Carl Spackler's picture

...proving once again that nothing good ever happens when one is out after midnight

Tue, 10/16/2012 - 13:29 | 2895303 chumbawamba
chumbawamba's picture

In early 2009, I was planning to move my money (the last of my investments in the public money destroying system) out of a metals mutual fund into physical.  My fund was up a little since the Fall of 08, and I was looking forward to buying so many ounces of gold and silver.  On the day that my disbursement was finally cut, Pandit comes out and announces that Citibank will be paying back its share of the TARP bailout early (I know, huh?).  The metals tank, my mutual fund value followed, and I was deprived of $400 at a time when gold was $800ozt and silver was $10/ozt.  I swore revenge.

Around that same time I had ceased payment on about $28K of credit card debt on a Citibank account.  About $18K of that was a cash advance that went into gold, silver and preps for armegeddon.  Time marched on.  Bills came, then threats, then lawyers.  All of them silly and ineffectual.  The process was dragged out for over 2 years.  Finally, the great moment arrived earlier this year in a courthouse.

Battle hardened from at least 4 prior debt collections cases (3 victories, 1 loss), I showed up on the morning of what was to be the fateful battle, only to have some attorney come up to me and tell me the case was dismissed before the courtroom even opened.

Fuck you, Pandit.  I told you I would fuck you in the ass if I ever got within 3 meters of you, and that promise still stands.  But I also told you I would get back at you for depriving me of an additional 40ozt of silver or 1/2ozt of gold, you fucking gimp.

I told you so.

I am Chumbawamba.

Tue, 10/16/2012 - 13:42 | 2895372 walküre
walküre's picture

you had 3 wins, 1 loss

did it always go to court?

Tue, 10/16/2012 - 14:21 | 2895543 chumbawamba
chumbawamba's picture

Most didn't, or the ones that did were simply to try to get a default judgment.  Most people are sheep and will flee or faint at even the meekest of threats.  They've been told all their life that if they have a legal dispute they should "hire an attorney" like it's some fucking reverential societal mantra.  Well, guess what you do when you hire an attorney to represent you?  It is a tacit admission that you are not of sound mind and are incapable of representing yourself.  I.E. you're an idiot and incomprehensible in the court and require an interpreter.  And then there's the fact that the first loyalty of an attorney is to the court, then to the state, and then not to the client (you read that right).

The one time I went to court and had trial was the time I got my ass handed to me.  The other side did everything right (which is what I was not expecting, shame on me) and I did a bunch of stuff wrong.  But I learned, and the rest of my victories were all through the mightiness of my pen.  Once you have a firm grasp of the procedure of law and the rules of court, you know how to kill them with process.  And that's what the game is all about: put up resistance so that they'll just write you off and go look for more sheep.

I am Chumbawamba.

Tue, 10/16/2012 - 14:30 | 2895615 Skateboarder
Skateboarder's picture

All BAR attorneys' oaths are to the BAR and nothing else. Most of the "elected representatives" are BAR attorneys. All Supreme Court attorneys are BAR attorneys. A BAR judge administering a court session with a BAR attorney on prosecution and BAR attorney on defense. Yeah... "IT'LL BE A FAIR TRIAL GUYS, WE PROMISE"...

p.s. your oath of revenge reminds me of this Blind Guardian song where Feanor makes an oath of revenge against Morgoth. Erhmm... look past the nerdiness lol.

"I will take part in your damned fate!"

https://www.youtube.com/watch?v=8Lg2AAXaWCU

Tue, 10/16/2012 - 14:29 | 2895655 chumbawamba
chumbawamba's picture

I don't think I could have put it much more simply than that.  You think people will get it?  In my experience, they will pooh pooh it because it makes too much sense.  It's too simple.  But then, they don't know that Truth is always simple.

I am Chumbawamba.

Tue, 10/16/2012 - 14:56 | 2895742 Skateboarder
Skateboarder's picture

I think a really important piece to read, for those who aren't in the know-how, is Clint Richardson's nearly 40-page (in print) article on why the Supreme Court ruled Obamacare to be constitutional. Even if you're well educated in history leading up to the present, it's a fairly thorough piece which puts together the pieces of the equation of the lie. He gives a shitton of history, including precise definitions of legal terms (which are different from English, though they look like English) and what they mean in the context of law. He exposes traitor #1 (Abe), talks about the BAR system, how popular vote does not elect a president, etc. All you have to do (not you, but rather the addressable you) is read it with an open mind, and the truth should be as self-evident as the warmth of mornin sunbeams.

https://realitybloger.wordpress.com/2012/07/04/why-the-supreme-court-cla...

Fuck... we are screwed. =\

Tue, 10/16/2012 - 16:57 | 2896125 chumbawamba
chumbawamba's picture

Here's the antidote to your doom and gloom:

http://www.dailypaul.com/258853/bombshell-rod-class-gets-fourth-administ...

I am Chumbawamba.

Tue, 10/16/2012 - 17:36 | 2896220 Skateboarder
Skateboarder's picture

"I shat my pants."

-Skateboarder.

Tue, 10/16/2012 - 15:37 | 2895917 Straw Dog
Straw Dog's picture

When my wife and I first came to the US, 20 odd years ago we lived in a rental house, $1100 a month and $1100 security deposit. At the end of our tenancy the landlord refused to pay back our deposit, said we had abused the place, completely untrue. I took him to the Small Claims Court. Read up on some legal info which told that the landlord had to inform me in writing if he intended to keep our security deposit, which he had not done.Brought this fact up in court, the judge had to retire to her chambers to check her law books. Returned in about 10 minutes, dismissed the landlord's case and awarded us $1100. Another episode in my illustrious legal career.

Tue, 10/16/2012 - 14:08 | 2895505 Skateboarder
Skateboarder's picture

Go Chumba, it's your birthday!

Tue, 10/16/2012 - 14:18 | 2895548 Seasmoke
Seasmoke's picture

so it was the best $400 you ever had stolen from you.......congrats !

Tue, 10/16/2012 - 14:20 | 2895554 macholatte
macholatte's picture

Clearly you did some damage. Pandit must be suffering terribly.

 

 

 

 

Shareholders also have objected to Pandit’s massive pay packages. He received $15 million in 2011.

http://www.boston.com/news/nation/2012/10/16/vikram-pandit-steps-down-citigroup-ceo/ViN1GGmUhrMdFX82jAuqoL/story.html

 

 

Mr Pandit earned $1 as his salary in 2009 and 2010 but because of the bank's return to profitability, the board increased his salary to $1.75m and total compensation to $15m in 2011. As part of a wave of shareholder protests over executive pay, Citigroup's stockholders voted against his pay in April in a non-binding vote.

He also received tens of millions from Citigroup when the bank bought his hedge fund in 2007.

http://www.bbc.co.uk/news/business-19961170

 

 Pandit Pay Climbs Toward $53 Million as Citigroup Revenue Slumps

 

Pandit’s $15 million pay package for 2011 and a multi-year retention package announced in May could total $53 million, based on regulatory filings and an analyst’s estimate. The CEO also received $80 million last year from the New York-based firm’s purchase of his Old Lane Partners LP hedge fund in 2007.

 

Pandit was awarded a retention deal in May that included $10 million of stock, and options to buy about $6 million more, a person familiar with the matter said at the time. The package included a profit-sharing plan that may bring Pandit an additional $22 million, based on earnings estimates from Moshe Orenbuch, an analyst at Credit Suisse Group AG (CS), possibly giving the CEO $38 million on top of his annual compensation.

 

http://www.bloomberg.com/news/2012-03-12/pandit-compensation-climbs-toward-53-million-as-citigroup-revenue-slumps.html

 

 

Tue, 10/16/2012 - 14:25 | 2895629 chumbawamba
chumbawamba's picture

Pandit can go stuff his millions up his ass.  I am quite content with the 28000:400 win:loss ratio I'm looking at here.

But hey, how much physical you think Pandit owns?

I am Chumbawamba.

Tue, 10/16/2012 - 15:20 | 2895810 Questan1913
Questan1913's picture

CHUMBAWAMBA

CONGRATULATIONS!!!!!!!!

You are the NEW POSTER BOY of low level thieving sleaze. 

Your comment  a bold act of "coming out of the closet",  is really quite admirable,  because it serves to remind all those debt serfs mired in the high interest revolving debt gulag where some of that interest actually ends up; in the hands of douchebags such as yourself.  You're no Robin Hood bub; your act of thieving was premeditated and calculated with its only design being to enrich yourself at someone elses expense.  And that someone else was definitely  not Vikram Pandit.  Good try though; in trying to cloak your robbery in a false narrative of revenge against a fellow ,but much larger, more sophisticated thief.  Your case was dropped when the decision was made that it would be easier for Citti to just saddle current card holders with this loss than pursue your little grift any further.  Smarmy sociopaths unite!  Chumbawamba will lead you!!

Tue, 10/16/2012 - 16:09 | 2896009 chumbawamba
chumbawamba's picture

LOL, thanks for your reply.  It's refreshing to see that there is still honor and integrity in America.  I salute you.

Hey, quick question: where do you think the banks get all those billions and trillions of dollars that they trade and spend and squander?

In legal terms, it goes something along the lines of "an actual loss must have been suffered in order to prevail on a claim".  How do you prove a "loss" of book entries in a computerized accounting system?  How does one even value such?

Nice try, though.

I am Chumbawamba.

Tue, 10/16/2012 - 22:19 | 2896953 Eireann go Brach
Eireann go Brach's picture

Chumba you are a douchebag! I bet you drive a trash truck for. Living!

Tue, 10/16/2012 - 13:41 | 2895365 zilverreiger
zilverreiger's picture

Berlin is a great town, and very hot as trip destination, shit like this happens everywhere in big towns. Especially in areas where the wealth gap is big.

Tue, 10/16/2012 - 14:11 | 2895512 Stochdoc
Stochdoc's picture

Continental was bought out by First Chicago. First Chicago was later bought by Banc One.

Tue, 10/16/2012 - 12:44 | 2895122 HD
HD's picture

Doesn't every shit-canned CEO want to "spend more time with his family"?

Tue, 10/16/2012 - 12:53 | 2895158 alien-IQ
alien-IQ's picture

yes...and with his yacht...and with 18 year old escorts.

Tue, 10/16/2012 - 13:46 | 2895388 RacerX
RacerX's picture

that is Change We Can Believe In

Tue, 10/16/2012 - 13:56 | 2895447 adr
adr's picture

18 year old escorts? Those are legal. CEOs like Pandit require 8 year old escorts, preferably from Russia or Malaysia.

Tue, 10/16/2012 - 13:07 | 2895213 Larry Dallas
Larry Dallas's picture

I'm pretty confident that even Hillary Clinton could have done a better job at the helm of Ciit.

Tue, 10/16/2012 - 13:44 | 2895367 NeedleDickTheBu...
NeedleDickTheBugFucker's picture

At least Pandit didn't use the word "retirement", which is the new 21st century Wall Street euphemism for shit-canned and used exclusively by guys at the top level in order to save face.  You need to check his U-5 to be really sure.

Tue, 10/16/2012 - 12:46 | 2895134 francis_sawyer
francis_sawyer's picture

Clears throat... Taps mike...

"ARRIVIDERCI SUCKAS"

waves goodbye... Interview concluded...

Tue, 10/16/2012 - 12:47 | 2895135 lolmao500
lolmao500's picture

In other news, treasonous judges are back at it...

http://washingtonexaminer.com/justice-stevens-second-amendment-is-no-obs...

Justice Stevens: Second Amendment is ‘no obstacle’ to banning automatic weapons

Retired Supreme Court Justice John Paul Stevens called for Congress to tighten gun laws in the wake of shootings such as the one that took place in Aurora, Colorado.

Stevens noted that the legal precedent for restricting gun rights — United States vs. Miller — still stands, despite the ruling in the 2005 Heller case that overturned the Washington, D.C., ban on owning handguns, even in one’s own home.

Tue, 10/16/2012 - 12:51 | 2895148 alien-IQ
alien-IQ's picture

"It's just a goddamn piece of paper"

George W. Bush

Tue, 10/16/2012 - 13:16 | 2895259 Bastiat
Bastiat's picture

Did he have an "automatic weapon?"   I though it was large magazine semi-automatic weapons.

Tue, 10/16/2012 - 12:48 | 2895140 alien-IQ
alien-IQ's picture

wouldn't it be perfect if someone threw a shoe at him?...or a bag full of dog shit...

Tue, 10/16/2012 - 12:59 | 2895191 exi1ed0ne
exi1ed0ne's picture

Only if the bag is also on fire

Tue, 10/16/2012 - 12:51 | 2895152 LongSoupLine
LongSoupLine's picture

 

 

WAIT...Maria "my voice is nails on a chalkboard" Bartiromo says she has the interview!

 

Pandit on interview tour smells of ripe dump down our throats.

Tue, 10/16/2012 - 12:58 | 2895182 HD
HD's picture

By the way...

 From CNBC:

 Dick Bove at Rochdale Securities has a "positive" rating with a $40 price target on Citi.

"Pandit has achieved every goal he set out to implement when he came to the company," the vice president of equity research at Rochdale Securities said in a statement. "Remember, it was a bankrupt entity then and now it has excess liquidity and capital."

 

From The Simpsons episode "Two Bad Neighbors" 1996:

George Bush: [typing] And since I'd achieved all my goals as President in one term, there was no need for a second. The end. Hmm, good memoirs. Good, not great. Now, let's look at that old outboard -- soup that baby up, rattle a few windows down Kennebunkport next May. [chuckles]

Tue, 10/16/2012 - 13:07 | 2895227 Irish66
Irish66's picture

I have just had a $5000 check cleared from my credit union but
Unable to verify its authenticity at PNC.

Bullshit, the banks are freezing up..

Tue, 10/16/2012 - 13:09 | 2895229 Downtoolong
Downtoolong's picture

Forget the details. What we see here is a huge discrepancy in public statements by people at the top. That’s the hallmark of every major event in the financial industry today. Someone is always lying. And whether it’s him or someone else, they’re all likely making the kind of comp he did. That’s neither a system to trust nor invest in as far as I’m concerned.   

 

Tue, 10/16/2012 - 13:15 | 2895255 PUD
PUD's picture

I would have driven citi stock down 95% for less than 100 million $ but noooooo! I wasn't connected enough it seems.

Tue, 10/16/2012 - 13:19 | 2895274 Sixdeuce062
Sixdeuce062's picture

Vikram Panit: I make jamie Diamon look like a small time hustler why cuz I gaot F* you money citi you know what that means  have enough money I can walk off this bitch and say F*you later bitchez"

Reporter: and that concludes our interveiw what a great guy

Tue, 10/16/2012 - 13:33 | 2895330 slackrabbit
slackrabbit's picture

'I wanted to get out before it collapsed....no, wait....'

Tue, 10/16/2012 - 13:54 | 2895436 Mad Mohel
Mad Mohel's picture

In a just world that mother would be on the way to the gallows. Smug bastard should have been named Bandit.

Tue, 10/16/2012 - 13:58 | 2895455 adr
adr's picture

Took a lot of US government money, watched the stock dive 90%, left with millions.

The new American dream.

 

Tue, 10/16/2012 - 14:06 | 2895497 Mediocritas
Mediocritas's picture

Let's take a walk down memory lane: http://www.youtube.com/watch?v=A-DOwLnQ4nk

Just in case you'd forgotten how much you'd like to smack seven shades of shit out of Mr Pandit.

Of course you hadn't.

Tue, 10/16/2012 - 15:59 | 2895932 tenpanhandle
tenpanhandle's picture

Thanks @mediocritas.  That was a well appreciated trip down memory lane.  That pandit bandit looks remarkably like some illigitimate son of Jim Sinclair and a thai hooker.  (please don't get me wrong, i'm a big fan of Mr. Sinclair, but such an uncanny resemblance)

Tue, 10/16/2012 - 14:20 | 2895550 Gimp
Gimp's picture

Don't blame him. Who would want to stick around and sign the Annual Report at fiscal year end (December 31) after that beauty that was released yesterday...think people, you've been gamed again.

Tue, 10/16/2012 - 14:24 | 2895622 Seasmoke
Seasmoke's picture

if he took that $1 salary for all five years, it would still have been too much

Tue, 10/16/2012 - 14:43 | 2895659 NuYawkFrankie
NuYawkFrankie's picture

Maybe it's just a simple case of Pandit-the-Bandit's  HB1 Visa expiring - and he couldn't find anyone dumb enough to sponsor him for a renewal...

Tue, 10/16/2012 - 15:08 | 2895777 larz
larz's picture

My life is a clusterf***k my kids are F students I have nowhere to live my mom disowned me but I am very proud of the descisions I have made and I am on the right track...... um where is my 260mm? what I dont get any cuz I didnt BF any muppets???!!!

Tue, 10/16/2012 - 15:33 | 2895903 Silver Bully
Silver Bully's picture

A transcript of Pandit's resignation statement:

"You lousy corksuckers, you have violated my fargin rights. This suminabatching country was founded so that the liberties of common patriotic citizens (like me) could not be taken away by a bunch of fargin iceholes like youselves.

Thank you very much."

 

CNN has the video:

http://www.youtube.com/watch?v=dv8tVxk6Nj4

Tue, 10/16/2012 - 16:03 | 2895990 tenpanhandle
tenpanhandle's picture

almost didn,t make it back from that as i digressed to "the hundred worst movie insults" which one could then apply to pandit and his ilk.

 

 

http://www.youtube.com/watch?feature=endscreen&NR=1&v=PSEYXWmEse8 

Tue, 10/16/2012 - 15:47 | 2895949 Duke of Con Dao
Duke of Con Dao's picture

new guy at Citi?

begs the question: did he play in too many football games without his helmet on?  (h/t LBJ)

YouTube - Hillary Clinton: 'I take responsibility!' Bill's response: 'Still won't close that...'  (mouth)

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