This morning's New York Times reports that Citigroup Inc.'s (NYSE: C) Todd Thomson was ousted from his role as head of global wealth management yesterday.
Thomson, a former Bain consultant and Citigroup CFO who in 2005 touted that role as "the conscience of a company", was hired from General Electric Company (NYSE: GE) by former CEO Sanford Weill. According to the New York Times, Thomson had disagreements with Citigroup CEO, Chuck Prince, over acquisitions and business strategy.
But the kicker was that Thomson arranged to make Citigroup's corporate jet available to GE's NBC Universal's CNBC reporter, Maria Bartiromo, so she could fly to Asia. Beyond a DealBreaker Blind Item suggesting that Bartiromo may have played a part in Thomson's leaving his wife and family, this event raises troubling governance questions:
- What did Prince know about this and when did he know it?
- Are there other governance issues at Citigroup that Prince has yet to clean up?
- Why can't CNBC arrange transportation for its employees on its own?
- Doesn't this cozy relationship with Citigroup compromise the objectivity of Bartiromo's reporting on Citigroup?
- Have other companies arranged such travel for Bartiromo or other CNBC reporters?
While CNBC noted that it paid for the plane trip, it looks like CNBC and Citigroup have some more explaining to do.
Peter Cohan is President of Peter S. Cohan & Associates, a management consulting and venture capital firm, a Professor of Management at Babson College, and editor of The Cohan Letter. He has appeared as a guest on CNBC and owns Citigroup and GE stock.











Reader Comments (Page 1 of 2)
1-23-2007 @ 12:02PM
BOB GILBERT said...
WE HAVE A C172 AND WILL BE HAPPY TO TAKE MARIA ANY
PLACE SHE WANTS TO GO (ANY TIME)
1-23-2007 @ 1:22PM
David DiMaggio said...
I don't have a plane, but I'll take Maria any place she want to go, too.
A good Italian girl....
1-23-2007 @ 1:58PM
Tom said...
I love Maria. This story is stupid. I love all their talking heads. I would switch gender preference for Aaron. The only two that get on my nerves are the old guy skinny who usually reports the noon news and doesnt smile, and that other Italian/Spanish chick who looks like Maria. That one tends to come over kind of mean when she interviews people. Take all the freebies you can get Maria and keep smiling! Pizza for everyone!
1-23-2007 @ 2:16PM
John Bellanti said...
Thomson is responsible for his actions, not Bartiromo. Blaming only gets us stuck in the past and throw kerosene on malicious gossip. The title of the article focuses on a trivial topic.
1-23-2007 @ 2:50PM
G. Henry said...
Heck, I don't have a plane, but will drive if she is the passenger. A disturbing article.
1-23-2007 @ 3:13PM
dana springer said...
Maria is probably the most honest person in the business. Leave her alone and let her do her job. She is fabulous and in my book can do no wrong.
1-23-2007 @ 3:17PM
ARMISTEAD said...
I watch CNBC faithfully more to be entertained than enlightened. The beautiful Maria Bartiromo and her colleagues , along with Jim Cramer, have for a long time now turned what started out to be a serious business show into a free for all for the hucksters who daily parade before the cameras to tell you one thing and do the other, or tell you one thing one day and the very opposite the next day.
Maria and her merry band of tricksters simply mirror the financial press itself. Lies and more lies from Wall Stree shills and other assorted snake oil salesmen.
So, keeping the rules of CNBC's game in mind, what's not to like?
1-23-2007 @ 3:54PM
Michae; J Zajac said...
My goodness! Much ado about nothing! (Shakespere)
1-23-2007 @ 4:16PM
Eric's Muscle Cars said...
We would be happy to take her anywhere in one of our Classic Muscle Cars. We love Maria !!
1-23-2007 @ 4:20PM
FRANK JANISZEWSKI said...
MARIA BARTERROMO IS A SHARP CNICK. REAL SMART GOOD KNOWLEDGE OF ALL SHE REPORTS.SHES A KEEPER.WHO WOULDNT TRY TO GET IN HER GOOD GRACES.THIS IS THE WORLD OF BUSINESS CONTACTS.WHATEVER IT TAKES.
1-23-2007 @ 4:21PM
Tim said...
Let's remember this is a New York Times article. Any thing they can come up with to hurt the Right leaning Wall St. Corporate types flies over there. Remember "all the news that is fit to print", especially when it might make people feel like big business is evil.
Bottom line, if you are a Citigroup stockholder, you made out pretty good these past few years as they have become the richest Banking Corp in the world.
1-23-2007 @ 4:29PM
Robert said...
Not the thing to do /smart Maria.
1-23-2007 @ 4:32PM
Timmie Troll said...
Bartiromo sucks!
1-23-2007 @ 4:38PM
dom said...
Only in a puritanic society someone gets whipped for having reached the pinnacle of success in the world of finance, and in... love. So Mr. Thompson flew Maria on (his) corporate jet to Asia. Love must be in the air. So Mr. Prince, the Puritan, got rid of him. Too bad. Has he ever fallen in love, madly in love? I'd think not.
1-23-2007 @ 4:46PM
ken shafer said...
Maria Barterromo is the best in the business. Who could ask for more than she really is.
Beautiful,extremely intelligent,a princess in her world.
She stands a head taller than most in her business with honesty and integrity beyond reproach.She should have a jet at her disposal at all times and go where ever she finds it desireable. You can never tel;she might even visit Virginia.She fits in anywhere and at anytime.Leave her out of all the rukus.It is obvious that someone is out to destroy some careers and who knows what else.Go Maria!!!!!
1-23-2007 @ 4:48PM
Jim R said...
Another GE exec following in Jack's footsteps except
Welch went print and Thompson went electronic!
1-23-2007 @ 4:57PM
FLETCHER PHELAN said...
I'M OLD, BUT I CERTAINLY KNOW BEAUTY, AND AM AMUSED THAT SO MANY YOUGER MEN FIND MARIA BARTIROMO "BEAUTIFUL." SHE IS JUST ANOTHER TV REPORTER, AND A NOT-SO-GREAT ONE AT THAT. I HAVE BEEN REDUCED TO WATCHING HER SHOW EVER SINCE CNN CLOSED DOWN MONEYLINE, WHICH WAS EXCELLENT.
1-23-2007 @ 5:11PM
xx said...
maria might be italian but i believe her married name is sussman...unless she got divorced recently
1-23-2007 @ 5:35PM
billy said...
I don't have a plane, but I'll drive Maria anywhere she wants. Matter of fact I would like to pay for her ticket. Lucky Billy.
1-23-2007 @ 5:53PM
James said...
That's the American Way......... Always an angle