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Citi Misleading Markets About Pandit’s Departure?

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  • Description

    FBN’s Charlie Gasparino on Citigroup’s handling of Vikram Pandit’s exit as CEO.

  • Duration 4:22
  • Date

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This transcript is automatically generated

That really surprise many on Wall Street was the accident that from handed over at today's Europe I mean this something you think SEC is.

Gotta look out -- particular how the board handled the release of the information about his accent.

He now I'm sorry Charlotte is really something I can't comment on.

But Charlie Gasparino is not holding back commented we she didn't say what I'm sorry I can't carry like Arnold.

Schwartz technical and respect -- sidestepped.

I mean it was a direct question she didn't answer this is what I believe I believe the SEC is investigating this because all you have -- you might know that for a fact.

Not yet and when I do find out when -- come back and helped hoping that this but he is a thing when you it up all the stuff.

Plus that sort of non denial denial that -- gives -- It up the fact that we were the first report -- the Wall Street Journal that he was ousted he was ousted after the market closed that Monday.

They went out Tuesday -- publicly announced it that Monday -- where the ousted after the market close and after they reported.

Third quarter earns so think about that.

Then Michael Neal who did the ousting by the way who basically told Vikram Pandit to resign which lost confidence -- you should go.

Then what would happen next Michael -- forget what the -- and then it's my you know I -- I left because I'd left he's gone.

He -- he -- -- was his decision to leave which it wasn't Michael O'Neal the chairman of the board Citigroup.

Came out and say -- We did not ask -- believe he left on his own.

Now I talk we talk to Harvey -- today.

I have talked to all the legal experts out there that is a misstatement -- fact -- -- they can't just slide it makes Vikram she'll that are about his exit public.

That you do you know the market moves on his exit it went up -- I mean -- -- and it's also.

Down 2% to pray for whatever -- markets to those markets down 200 points but I'm just saying that.

I this and there might be a needle that they can thread.

Like you know we told them we didn't like him anymore and we said do what you -- -- since everybody hates you and quit.

They might be able to get away with that.

But I'm -- the way I heard this this was Michael -- telling him about it not it was a surprise thing.

They've been moving this for months talent and we want you out.

We don't like we don't like the job -- pick -- that got rid of him but not that the next day off the air -- could come on -- with the markets RD it.

And yes he's just just screaming for an SEC investigation.

Prior to the financial collapse of Lehman Brothers.

Prior to the collapse of a Bear Stearns parts of the whole dam collapse in 2008.

When we hear at a CEOs everything is fine and CFOs and C -- -- everything is fine totally fine.

And it wasn't.

That is the worst type of disclosure that misleads the market that's -- insider trading is this -- we have here we asked -- -- we have here we have a major bank.

That is trying to hide the reality and by the way why -- just saying.

We did well they could say listen we told them we didn't think he was good anymore and he said we have one direction and -- -- I want out and then.

And then we let him go I mean -- was so many easy ways to do it -- instead they lie kind of you know they -- is an ally.

It's a full not to the other business it was a said -- left of his own well I will point out this about the other I'm not in the business of defending the competition but there was one report that said that it -- -- Not not the whole place to hope there's -- a -- After we reported -- first that he was ousted.

Everybody else was reporting the journal unit on the Estonia we were the first to say he was toast toast -- got on his own volition.

Because the board of -- column topic of crime though is it if they.

We're not clear about his -- I don't know -- some of this is gray area.

Is it a crime meaning go to jail I don't think so I think it's it.

That's because details via -- -- to commit insider trading as anybody walked -- illegitimate kids that unless you commit the victim was crime of insider trading -- goes -- what.

You know here's a thing.

I I'm just gonna tell you this.

The release of the misleading of the market.

Is some of the worst stuff you can do.

On Wall Street is it undermines the integrity.

Of the markets white investors don't want to invest in the market.

And it looks like -- did that once again battling the debenture to designate financial crisis the run up to it as well it's -- -- up my view is I think they're gonna look at.

Outlook -- know that for sure to come back -- six.

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