It doesn't matter that JA made more than reported, when the stock cratered, he is worth 10 ten times what he makes due to his conservative, moral leadership. I think they should quintiple his compensation if, over the next ten years, the stock remains flat as it has for the previous ten years. How dare you say otherwise! LMFAO
"Klayman & Toskes Files Arbitration Claim Against Banc of America Investment Services for Recovery of Over $7.9 Million Frozen in Auction Rate Securities PR NEWSWIRE Posted: 2008-05-07 15:36:37 NEW YORK, May 7 /PRNewswire/ -- The Securities Law Firm of Klayman & Toskes, P.A. ("K&T")( http://www.nasd-law.com ) announced today that it filed a lawsuit against Banc of America Investment Services, Inc., a subsidiary of Bank of America Corp. (NYSE: BAC ), with the Financial Industry Regulatory Authority's ("FINRA") Office of Dispute Resolution. According to the Complaint, Banc of America and its financial advisor recommended that the Claimant purchase Nuveen Auction Rate Preferred Securities ("ARPS"). Not having been advised by Banc of America of the risk and potential for illiquidity, the Claimant followed this recommendation and invested millions of dollars in the Nuveen ARPS. Today, the Claimant is unable to access about $7.9 million invested with Banc of America, as it has become frozen due to continued failed auctions. Had all of the risks associated with the Nuveen ARPS been fully disclosed to the Claimant, she would not have invested millions of dollars into these securities."
Thanks to the good consistent conservative moral leadership of JA who STIL leads BBandT, which is STIL not sold or MOE. and did not have to write off multiBILLIONS, like Citi and BAC leaders, who also took huge salaries and percs, more power to them, no envy here,Citigroup's Pandit falls under the gun? Posted May 6th 2008 10:22AM by Douglas McIntyre Filed Forecasts, Bad news, Management, Citigroup Inc. (C)
It was not enough that Citigroup (NYSE: C)'s CEO Vikram Pandit sold the bank a hedge fund business which lost most of it value, now he is being accused of being too slow in coming to decisions and making it difficult to turn the bank around. Investors can always hope he will be pushed out. It would probably add $5 to Citi's share price.
According to The Wall Street Journal, "Even executives who praise his cautious, deliberative approach express concern Mr. Pandit is taking too long to make decisions." Add to that the concern that Pandit has not disclosed his longer-term plan for the business.
The attacks on Pandit appear to be lead by the founder of the modern Citi, Sandy Weill. The deal-maker created the complex company and would probably be best to keep his thoughts to himself. He bears at least as much responsibility for Citi's problems as his hand-picked successor Chuck Prince.
None of that lets Pandit off the hook. He has made no real attempt to streamline the company by selling off any major assets. Is Citi a stock broker though Smith Barney, an investment bank, a consumer bank, or a corporate lender? As Warren Buffett recently pointed out, some large financial companies have become too complex to run. Pandit needs to sell-off some assets and focus the firm on two or three core operations.
Right now, it looks like Citi may have three bad CEOs in row. ntrywide, and now the following at Citi, which are the banks touted by the numbies, creedies, billies, queefies/fweaqies, and often saying it's not the writeoffs, it's the share price, and look at where the share prices are now fellers, c'mon crawl out from under that rock and say it again: