Whitney On Citi's Pandit
I tried embedding a Windows Media version of several recent Bloomberg Videos yesterday, but somehow, we ended up with the autorun feature on, regardless of the setting.
This morning, I will embed it into a page after the jump to prevent that from autorun reoccurring:
Click for video
Citigroup Inc. Chief Executive Officer Vikram Pandit faces an "impossible feat'' in turning around the biggest U.S. bank as it faces ``seismic'' costs to restructure, Oppenheimer & Co. analyst Meredith Whitney said.
Citigroup will be forced to announce the sale of major businesses toward the end of this year or in early 2009, Whitney, who recommends investors sell the shares, said in a Bloomberg TV interview today. One of the units could be Banamex, the company's Mexican branch, she said.
Whitney, 38, correctly predicted on Oct. 31 that New York- based Citigroup would cut its dividend to shore up capital after mortgage-related writedowns. Pandit on May 9 outlined plans to sell $400 billion in assets at the bank, which has booked more than $40 billion of credit losses and writedowns since the subprime mortgage market collapsed last year.
Source
Citi's Pandit Faces `Impossible Feat,' Whitney Says
Margaret Popper and Josh Fineman
Bloomberg, May 12 2008
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aTsLEkAPZJAE
Tuesday, May 13, 2008 | 03:30 AM | Permalink
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This is "just" part of a cycle of getting rid of excesses. Painful and longer then I thought was necessary, but with the right "medicine" we will get through this and move on.
Posted by: Banker | May 13, 2008 7:12:59 AM
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