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Pandit Claims Citi Resignation Was His Decision

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  • Description

    FBN’s Adam Shapiro on Vikram Pandit’s resignation as CEO of Citigroup.

  • Duration 2:18
  • Date

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Vikram Pandit the CEO outs effective immediately the ouster surprised many on Wall Street -- what happened what's next.

Here with particulars atoms here -- the cover story -- things -- -- with the latest Adam.

This and it's important say that I Vikram Pandit is saying that the resignation was his decision there seems to be a bit of -- discrepancy Citi won't confirm whether he actually.

Did resign -- as we've been reporting if he was ousted by the board not happy with his performance very quickly let's take a look.

It what Citi shares have done since I'm mr.

Pandit took over as CEO going back to roughly 2007 you can see that the shares of -- Roughly 89%.

Under his watch and there is real criticism of the way he has run the show over there this coming from Mike Mayo.

Who said that this transition -- experiencing today everyone in shock on Wall Street or at least surprise -- a little bit of hyperbole there.

He said that this reflects a microcosm of -- war.

-- for corporate governance under Vikram Pandit.

Now a couple of things to keep in mind about Vikram Pandit he also had the unpleasant joy of having to steer CD.

Through multibillion dollar bailouts as -- the financial crisis Sheila Bair who is at the front seat of those bailouts of the FDIC.

Issued this statement to Fox Business early this morning saying quote the most important job of a corporate board is to hire the Chief Executive Officer.

The city board should -- -- For the decision they announced today this is a new chapter for Citi and I wish them well Sheila Bair is going to be on -- list claim at 3 PM.

You do not want to miss that interview also.

Under Vikram Pandit let's look at how you and I saved.

Citi the US taxpayer look at this 45 billion dollars that was the bailout they got.

99 billion dollars in loans from the Federal Reserve and then remember the 301.

Billion dollars in government guarantees.

That Citi received almost 500 billion dollars.

At stake for them thanks to you and I the US taxpayer also.

Mr.

Pandit.

Although he talks about earning one dollar well he was CEO he made quite a pretty profit at Citi remember in 2007.

He's sold old lane partners.

For 800 million to Citi he made a 165 million they closed at Citi didn't 2008 along with his partner John I havens.

Who also resigned today as CO when a throwback to you OK Adam thanks -- summing up the last five years underpants.

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