Thursday, March 4, 2010

Citi's CEO admits that he can't handle his own company.

No joke, Vikram Pandit, the CEO of Citigroup, just said in testimony in the capital that he thinks there needs regulation to reduce risk... If this isn't him admitting that he can't run his own business, I don't know what is. Sure the argument can be made that he would say this 'because of all the other idiots out there', but I wouldn't buy it; Andy Beal didn't need a bailout simply because he wasn't a dumbass.


Kapil said...

Took 2 yrs to come to this conclusion which most investors already know by now. I doubt any CEO in these large financial cos know where all the bombs are buried.


Eric said...

most major corporations support and even propose the regulation of their own industries, because they know they can handle the compliance, but their smaller competitors can't. Regulations do not protect the consumer, they accomplish one thing and one thing only. They protect big business from small business.