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-- -- to really coverage in the papers today Vikram Pandit departure from Citigroup and you hotspots did this yesterday.
U it already know the background story of his dramatic departure caught Charlie Gasparino.
Has exclusive -- we had a.
I should even be here Dominique.
There's more -- story obviously -- he keeps leaking out as we -- first report Vikram Pandit was not did not resign.
Voluntarily this is of this was -- he was asked to resign by Michael nailed it chairman of the board.
And it's kind of interesting how this whole sort of developed here's what we we -- -- dust is settling.
As a you know.
Basically this was an uprising on the board led by O'Neal who then went out and convinced Diana Taylor.
That name should be familiar to lose its stated girlfriend -- mayor Mike Bloomberg who's on the board she's a former banking commissioner of New York State.
And those two principally led the effort to get rid of them.
What we understand is that -- job essentially been in jeopardy for months now because.
The last straw.
It is these the Smith Barney.
Issue that I remember that they thought they were selling Smith Barney in chunks to Morgan Stanley.
They kept it on its books at a certain level.
Independent -- -- they kept that five billion dollars too much they had to write down bright down that amount of money that occurred about two months ago once that happen.
He's -- with a -- fate is sealed goose is cooked he was done is just a matter of time.
And this came after of other you know other issues member to -- passed stress tests they didn't.
I you know lots and lots of things which made.
One board member told told Fox Business Network -- believe that.
Pandit is a Smart guy but a bit CEO -- it just indefinite now.
Should do this guy deserve the school warn that he's getting from from some quarters I would say not.
I was is about Vikram Pandit he was a good caretaker CEO of a public company.
That you know need to be stabilized needed that make sure the elders ran on time needed to make sure wasn't going out of business.
Take care of the basics was very it was good at that he deserves it Citigroup is -- -- -- with tremendous government help destabilize.
The question is for the board I think I think -- Michael -- would -- -- -- I would say this we need somebody to take it to the next level.
Where they gonna do get smaller what how they're gonna -- certain businesses and that's not.
What they've been -- think he had the vision thing to do that and that's where it comes down to right now.
-- -- shake up have anything to do with looking forward depending on the political planet whatever happens with Dodd-Frank is -- a lot of concern about we heard JPMorgan right Jamie Dimon saying they're setting up a war room to deal with that fiscal cliff.
Well Dodd-Frank is have been in the fiscal cliff I.
I understand that but they're all these things hanging out well yeah I mean I think.
Real broadly yes I I think if you if you write a very important bank which Citigroup is -- you know second biggest.
The third biggest second Bank of America that was JPMorgan Bank of America and that might invite.
By market cap.
Huge financial institution you need someone off -- you know that do you think is is going to be -- to deal with these issues and the other probably net net they thought the new guy.
Corbett is is better than -- -- be based on some of the decisions as some of the things that the -- is that is done.
It is so baffling why they kept.
That Citi -- -- -- Smith Barney acquisition so high on the books it it doesn't make sense they're highly regulated institution it is baffling that you go out you say.
We passed a stress tests when he didn't I mean these are things that you just don't expect.
Out of a season CPC you you don't here we what is the worst thing that Jamie Dimon did I mean Jamie Dimon made a misstatement about.
About the London whale you know -- go to was a tempest in -- teapot but still the company makes a lot of money and I would say in the context of their earnings it is a tempest in a teapot you know.
You know Vikram Pandit made just way too many mistakes I -- -- -- I don't know Jamie Dimon can can.
Can can withstand another misstatement of fact like that it's very difficult.
In this environment to be CEO and say say something give 180 degree sort of mismatch on on reality.
You can't survive these days so he's done.
And so are you -- month.
It ultimately do you know something I don't know -- it -- to start show okay it was just a third may yeah Erica thanks O idea an email just float with the top may be.
-- from corporate headquarters get rid of it now.
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