Why Does Vikram Pandit Still Have His Job?

[discocrisco01]

The New York Times http://www.nytimes.com/2011/12/07/business/citigroup-to-lay-off-4500-workers.html">reports

"many of its rivals that have coursed through the industry since last fall. While Citi quietly began pruning its work force this summer, Bank of America, Goldman Sachs, Wells Fargo, Bank of New York Mellon — and almost every large European bank — have announced big job cuts.

Wall Street companies have come under intense pressure as the world economy has slowed in recent months, and their once-lucrative trading businesses have sputtered as investors have parked their cash on the sidelines. More traditional banking has also been hit hard by anemic demand for loans, as well as new regulations and consumer outcry against fees on checking accounts, debit cards and credit cards.

Speaking at the Goldman Sachs financial services conference on Tuesday, Mr. Pandit framed the layoffs as part of his plan to brace the company for an even more difficult road ahead"

In 2009, Keith Olbermann called you by name to be fired This guy has led Citigroup through the financial crises and should have seen the door in the 2009 for engaging in crony capitalism.

Maybe, if Citigroup listened to Olbermann, they might have in better shape. But we know the banks never listen to us so Mr. Pandit gets keep his job while his employees get shown the door.

[Skittles]

1. executives get bonuses for pimping jobs off overseas

and come on - that's where the jobs are really going

[aquart]

2. They could keep the staff if they paid the execs much less

But that never occurs to them.

[Azathoth]

3. Two words: Timothy Geitner

Back in 2009, Obama actually ordered that Citi be "taken down" -- as in broken up and restructured -- but Treasury simply ignored the directive.

[WildNovember]

4. gotta link for that?

[Azathoth]

5. Ron Suskind reported it in his book Confidence Men n/t

[Azathoth]

6. For example

http://www.nytimes.com/2011/09/16/us/politics/suskinds-confidence-men-details-recession-dissension.html

[WildNovember]

7. thank you.