Well, why should I be surprised? Have heard and seen it all now.
On Friday, June 5, Reuters’ Bangalore reporter Ajay Kamalakaran, reported that the FDIC was looking to replace Citigroup’s CEO Pandit with former U.S. Bancorp Chief Exec Grundhofer, who recently joined Citigroup’s board.
Reason being, of course that the FDIC was concerned about lack of senior executive experience in commercial banking at Citi. It’s just confirmation, that as feared by those wirehouses holding TARP monies, more government regulation.
Obviously this is just the beginning as we see today with the pending legislation to allow the SEC to restrict compensation at companies receiving TARP dollars.
So there you have it….the regulators are going to “name ‘em and pay ‘em!”
No wonder they scramble to repay TARP funds!!
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