Pandit: The unmasked bandit
Federal regulators have agreed to backstop about $306 billion of Citicorp’s riskiest assets to bolster the staggering banking giant, in yet another in a growing list of radical efforts to shore up confidence in troubled financial markets.
Vikram Pandit, Citi’s chief executive officer, welcomed the action. “We appreciate the tremendous effort by the government to assure market stability,” he said in a statement.
Mr. Pandit should be thanking the American taxpayers.
USA Today says Citigroup is such a large, interconnected player in the global financial system that it is seen by Washington policymakers as too big to fail. The company has operations around the globe in more than 100 countries.
Read the AP report here.