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Collectors of Citigroup is elected Michael Corvette as CEO after Vikram Pandit was ousted so.
What does -- shake up mean for the back.
And for you if you're shareholder -- thinking about becoming one joining us now Jim Rogers private investor and author.
Of a gift to my children are it's that this announcement is very messy it comes out this morning Vikram Pandit out the guy under him out.
And he's out there pretty much saying this was my decision who cares either way would you buy the stock care -- Absolutely not not with my money or with your money list with -- why he ever got the job in the first place can you please explain that to me here's a guy.
Who failed as a hedge fund manager had a mediocre hedge fund.
All of a sudden he's out of the Citibank -- a lot of money -- Jim writers who are wrong forgive.
-- you're the Oracle of Wall Street but to Iraq he succeeded as a hedge funder because he sold his -- -- for 800 million dollars just sitting here right.
Okay you're exactly right guess -- that's that's that is the definition of success yet but as a hedge fund with a mediocre record which he then turned around.
Why don't they buy in the first place why does that make him or doesn't yell and why hasn't made and it's you know right after he sold in in not only does 2007 -- what's what's the excuse I mean.
Look the fact is this at Citi for decades you know I've been talking about this is sort of the definition of crony capitalists are always looking for bailouts back in the 1980s they were doing it from their bad Latin American debts.
In the mid in the denied these they did it for bad Russian debts and then of course that -- Treasury Secretary became -- a leader at Citi.
I'm wondering whether the same thing will happen again we're hearing from our own Charlie Gasparino -- -- Tim Geithner once he leaves the White House will join Citi that's happened before or whatever.
-- Robert Rubin public kind of bad for my nervous since do you think -- -- it happens I was short and again.
I wish short Citibank in 2000 that would not be a bullish mood I'm from -- -- no mister Geithner be right about -- think.
Oh for goodness thank.
You get an ice pick up for city for 12 is -- that because some customers.
Every thing I've ever done with them has done extraordinarily.
Cleanly nice talking about I think there every checking accounts and things like out there and and I look at this and I say.
-- you air drop down into Moscow and there it is Citigroup you air drop in any country.
They have a quality and solid consumer banking business do they not and is that not worth something well I don't bank has so I don't know but if you checks clear I presume it's okay -- -- that's all -- -- -- it and -- -- look at -- balance -- -- this I think -- the stock has done nothing for a long long long time perhaps not -- -- right now.
He was the CEO and during this whole period of time and has done nothing but the rest of the balance sheet is not very strong I mean who knows what's in there.
I was here in the port had to do it.
How saying I don't know why ever got the job in the first place I think the board finally realize he had no warning about banking.
Good for the man it was never a commercial banker you know Citibank is supposedly a huge commercial banker -- -- -- have you -- -- and could anybody turnaround.
Yeah of course -- this is his purple for example -- -- for example centered around.
You pick the president I don't know but certainly not a hedge fund manager had city as at its current size and you guys -- what -- that's his a lot of people say it's impossible to control at this you know say no I don't think that mean.
They've got the -- new guy who I don't know -- he's been a banker for thirty years so you would presumably knows something about banker.
The guy who left did know anything about bank so maybe this bank will be run by about donor shortage Citi were clearly not your ordinary monetary or not they're not bullish on -- -- -- are there whether any are there any financial stocks right now that you bet on.
Well I'm sure JPMorgan as of yesterday sir Josiah -- short the that will cut the calls for JPMorgan.
If you call that betting on something Hawaii.
Well they've got first on the commodities -- and it's a -- doesn't understand commodities and they got big problems in their.
Credit card division says that stocks -- near its all time high.
It can't be as good as that the world says everything is fine I don't the world world is a London wail about trade -- behind them chicanos Unidos at all probably is behind that yes had that's that's old news -- you don't -- -- -- -- news.
But the -- back to all time not is the world that good I think it was -- problems facing.
By the way one part of the world that you used to be terribly bearish on that you're getting a little more bullish on his Russia commodities and Russia what's going on there.
Well I've been bearish on Russia for 46 years.
If you are Reynolds tried to turn the Iowa voter -- -- -- -- did have a very since 1917.
Cents a Benihana methods for 95 -- But it seems to me that -- approved and the government is finally getting its act together and realize he can't just take money away from people if you want to have a place in the international community.
You've got to play by the same rules as everybody all the way to when where there's still a guy riding a prison cell who used -- run you coast oil.
Who's who would dignified job the only reason he's in jail now is because he was against -- and -- That free economy -- You're making my point that was done ten or twelve years ago I was out of equities still imprisoned -- least they can mr.
-- about that I don't know what I'm saying cut costs they in my view that things have changed and -- yes mr.
-- this and identified -- for the last 1213 to 46 years I -- said you've got aboard that.
They don't know what they're doing they're crooks -- at -- I think that maybe if they -- -- crooks before.
That's changed I think -- mr.
Putin and his allies now realize.
That way doesn't work anymore.
I think and I didn't -- I cannot leopards don't cash spots you're you're the one salute your the one it was always tell -- that we worry we will see I do not defend past factions in the in Russia.
You can ask continues if I was right.
-- -- -- the commodity index are just got to ask you about the -- the Rogers commodity one of the best indexes commodities in the world was started by this gentleman.
Gold is only 3%.
Of that index which strikes me -- kind of strange considering the importance of gold now in the whole world market would it might not want to wait that'll -- more heavily.
-- of the David indexes depends on how.
Important that is to the world economy but hasn't gold what Thomas Kelly currency of the world to cut number -- for you were not for me not for the rest of the world either.
Compared to boiled -- I mean things like that I mean these things or why weren't they cotton are are more important to the index than what they've been golden you don't have that -- the the world.
He's coming walk around the world's Yemeni people -- company that many use corn.
And how many people -- I don't go don't don't get me wrong I'm I don't a lot of -- Jim thank you we've got IBM earnings so we'll say thanks to Jim Rogers and get to Adam Shapiro Adam Robert.
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