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  • Feds To Fire Another CEO? FDIC Plans Citi Beheading

    Vikram Pandit, CEO of Citi, testifies on the use of Troubled Asset Relief Program (TARP) funds before the House Financial Services Committee at the US Capitol in Washington, DC, February 11, 2009.

    Here we go again. Barely two months after President Obama sacked the CEO of General Motors — and less than a week after the outright nationalization of that firm was announced — the head of yet another U.S. corporation is in Washington’s sights. According to the Wall Street Journal, the Federal Deposit Insurance Corporation is pushing for a “purge” of Citigroup’s top management, and already has contacted a potential candidate to replace CEO Vikram Pandit in the top job.

    The move comes only weeks after the Federal Reserve concluded — after conducting extensive “stress tests” — that Citigroup needed only $5.5 billion in additional capital to withstand a worsened economic climate, a relatively easy task for the firm. But now, the FDIC — chaired by Sheila Bair — seems to be moving the goalposts, expressing discontent with not just Citi’s financial state, but the type of experience held by top managers.

    Pandit’s ouster is not a given — other bank regulators haven’t yet signed up to Bair’s Madame DeFarge agenda. But the mere prospect of another beheading by Washington is enough to send chills through the spine not just of other CEOs, but of all Americans who rightly wonder: where will this end?

    Posted in Economics [slideshow_deploy]

    15 Responses to Feds To Fire Another CEO? FDIC Plans Citi Beheading

    1. Pingback: » Financial News Update - 06/05/09 NoisyRoom.net: “Extremism in the defense of liberty is no vice. Moderation in the face of tyranny is no virtue.” Barry Goldwater

    2. leonard ohio says:

      Don't blame ME I voted for my country

    3. Lloyd Scallan - New says:

      This entire Obama experience is one really bad

      nightmare. The worst is that we are awake and it's all real. Every day it's yet another step

      toward total socialism. Until he and his lackeys

      are stopped, it will continue until it's too late.

    4. Andres Torres- Houst says:

      Some Americans are wakeing up ,but the majority still sleeping and I hope is not going to be too late by the time they wake up.It is a shame that many young voters voted for Obama without realizing that the private sector is where they are going to get their jobs. They have a dream ,but that dream will be a nightmare with the policies of this administration.

    5. LW, Newport News VA says:

      "Where will this end?" Heritage and the rest of us freedom-loving citizens ask. We all know where it's going to end—with the complete take-over and subjugation of private enterprise by Big Brother. Heritage, when are you going to annouce a march on Washington? Until this administration sees HUGH crowds in the streets, polls won't register with them that people acutally disapprove of their policies. If about 800,000 of us at the Tea Parties were discounted, let's see their reaction of more than a million of us on PA Avenue. Then, use our feet to go to the polls in 2010 and vote AGAINST these socialist changes. Maybe a new Congress could roll back some of the damage. Electing responsible men and women is our only hope. Let's pray they don't forget their responsibilities to the Constitution once they arrive in Washington as the Republicans did in 2002-2006, which is one big reason we got this current socialist-loving president.

    6. TOM COAL VALLEY says:

      we all can sit here and make these comments and get no where. where is the leaderhip in the republican party they just keep rolling over for their master

    7. Jerry from Chicago says:

      I wouln't be surprised if the Citibank C.E.O. is fired, but it hasn't happened yet. If and when it does, it would be yet another step in Mr. Obama's journey to become ruler of the "People's Republic" of America.

      It has become very clear that Mr. Obama has a disdain of the United States, it's Constitution its history and its traditions.

      I would respect his goal to "redistribute the wealth" of America a little more if he were to redistribute the fruits of his own labors. He won the Presidency by receiving 53% of the popular vote. It would be only right that he and his Democrat majority should be willing to give up at least 47% of the seats in Congress to Republicans. Now perhaps the Republicans didn't "earn" those seats in Congress, but that should not bother Mr. Obama. After all, he has no problem taking what other people have earned (and will earn) and giving it to those who haven't.

    8. Lebo, florida says:

      Who appointed the FDIC as God?

      Lloyd is right. These liberals have the power to do any darn crazy thing they want to do, and they lack and real common sense or knowledge of the law (or History)to do anything correctly. How many countries in the past 75 yearrs have sucessfully beat a recession/depression via Tax & Spend by a central government?

      Did they just stiff the bond holders in the auto bankruptcy in favor of the Unions? Well, that will ensure no one off shore will ever want to invest in America again.

      Somebody just shoot me and end the pain. I have never seen such idiocy in my entire life.

    9. B J Vanderlip says:

      We still have not received a valid Birth cert., until that is proven that he was NOT born in the USA. there is not much we can do.. He is determined to wreck our country..WATCH WHAT HE DOES,NOT WHAT HE SAYS. His appointments are extremely radical. That should tell us something…

    10. Laura, Texas says:

      Try it and see if anything bad happens. If not keep pushing to see what we can get away with.

      This statement could be heard from a spoiled children or from a White House that does what ever pops into it's collective brain. Do we just wait and see what is left of America after all the change and hope are done? Or do insist that this nonsence stop.

    11. Arlene, Quincy, IL says:

      Can any of these things once signed onto, can be overturn by future administrations, like the heathcare plans for America? Can we hang on until mid-term elections. Sees that is what Obama is pressing for everything in the oven by then.

    12. Lynn B. DeSpain says:

      I'll always remember the end of that old Bogart film, where he is surrounded by Bandidos and he asks them if they are the Law, to show him their badges. The reply was, "Badges? Badges? We don't need no stinking Badges!" Then they kill him.

      Obama has given himself, Absolute Power, and as the saying goes, "Absolute Power, corrupts absolutely!" I didn't vote for him, but somebody did. I'll tell you what though, I'll stand right with you and say, "We made a mistake!"

      We are aCountry of fifty independent Nations joined under a common charter called the Constitution, who's sole purpose is to prevent the Federal Government from doing exactly what it is now doing! Who let that happen?

      We all did somehow. So instead of arguing about it, start campaigning for replacements for each and everyone of those coming up for re-election in 2010 and take away Obama's Power! Then do the same thing for 2012.

      Hozro

    13. Suzanne Clark Flor says:

      "Give us this day our daily bread."

      We get our daily sight & sound from our leader…..whether we want it or not. I awake daily in fear of what the White House & Congress will decide to do next. Our Constitution is being torn apart one plank at a time and our dumbed down citizens don't know or care. This is a tradgey.

    14. Pingback: Obama Administration: “Totally Clear” That Government Should Run Companies « Conservative Thoughts and Profundity

    15. Libby says:

      So what are we gaining out of this you ask? What is an American Voter gaining out of it? Unemployement? No Loans, High Charging Credit cards and highly respected institutions going thumbs down? Have we put our heart and soul into this country's institutions for this?

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