Did Pandit say "resign?"
Well, I hope you weren't stupid enough to actually believe that.
Two weeks ago, the CEO of Citigroup (C), Vikram Pandit, quit unexpectedly, startling the company's shareholders and employees.
To listen to both Pandit and Citigroup tell it, the decision was Pandit's: After a few years at the helm, it was just time to do something else.
Here's Citi: The Board of Directors of Citigroup today announced that Vikram Pandit has stepped down as the Company's Chief Executive Officer and as a member of the Board, effective immediately... Michael E. O'Neill, Chairman of the Citigroup Board of Directors, said: "We respect Vikram's decision."
Well, to anyone with even distant familiarity for what passes for honesty in corporate communications, these statements were highly incomplete--at best.
"Nobody leaves these jobs voluntarily," says Wall Street Veteran William Cohan in theRead More »from Citigroup Statement About Its CEO Quitting Is Basically Fraud: Henry Blodget