Friday, March 6, 2009

Deep Thoughts From Vikram Pandit

Follows the speech that Vik gave yesterday in the London School of Economics. We post this before an in-depth reading, but at first blush is there a hint in there that Vik wants the elimination of mark-to-market?

An amusing snipped from the speech about Citi's purported invaluable role in the current world, aside from having its shares belonging in 99 cent stores.
Our core mission is to enable capital to flow around the world and to stimulate economic growth. In these times, cross-border capital flows from savings-rich economies to savings-short economies are going to be essential to restart global economic growth. There is no question about that. No financial institution in the world is as well positioned to provide these services as Citi. We operate in 109 nations, with more than eight of every 10 employees working in their home countries. Citi is a unique franchise, with an operating model that allows us to be both very local, and very global. [Many others talk about this. We actually do it.]
A Global Financial System for the Next Generation
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NutellaonToast said...

He's a genius! The solution is for us to start taking out crap-loads of debt again! I mean, all we have to do is convince people who have a lot of money saved up to just give it away to all the people that have dug themselves into a bottomless pit of debt and POOF! Magic economic recovery!

DINKs said...

Pandit doesn't get it. He presided over one of the worlds largest bank failures ever.

His management has does a tremendous disservice to shareholders.