On October 9, 2009
Why It’s Time For Sheila Bair To Apologize To Citi’s Pandit
Federal Deposit Insurance Corporation (FDIC) chairman Sheila Bair got a well-deserved kick in the teeth this week when consultant Egon Zehnder International endorsed Citigroup’s chief executive Vikram Pandit. According to people who claim to have read the report, Pandit received “a positive assessment” by Egon Zehnder in the independent review which banks on TARP aid are required to undergo. Bair has been one of Pandit’s most furious and public critics so far this year. Her feuding came to a head in June, when it was reported that Bair pressed regulators to lower the government’s health ranking of Citigroup. The move was aimed at giving the FDIC more control of the bank, so that it could meddle in a top-management shake-up,…
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